The Bank of Ghana has established a Financial Industry Command Security Operations Centre (FICSOC) to prevent, swiftly detect, share information with, and respond to cyber threats aimed at the industry, and ultimately the entire nation, as part of broad, ongoing measures to strengthen the cyber security landscape for the banking and financial services industry in Ghana.
Following the Cyber and Information Security Directive (CISD) issued by the Bank in October 2018, which largely defines the industry’s approach to cybersecurity defense and response, work on the cybersecurity infrastructure and edifice, which is reportedly the first such infrastructure funded and owned by a Central Bank in Africa, began in November 2019.
The project was undertaken by Virtual InfoSec Africa (VIA), a wholly-owned Ghanaian information security company in collaboration with the Bank.
Speaking at the commissioning on May 24, 2023, Vice President Mahamudu Bawumia emphasized the value of a strong cybersecurity infrastructure for preserving investor confidence in the financial sector, particularly as it adjusts to the growing influence of digital technology in the delivery of financial services.
He also commended the Governor, Board, and Management of the Bank of Ghana for their foresight and leadership of Ghana’s financial sector, evidenced in the design and implementation of policies aimed at safeguarding the sector and ensuring growth.
