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VEEP Bawumia inaugurates threat intelligence sharing platform to enhance cybersecurity in financial sector

VEEP Bawumia inaugurates threat intelligence sharing platform to enhance cybersecurity in financial sector
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A Threat Intelligence Sharing Platform has been inaugurated by the Bank of Ghana to enhance Cyber-Security efforts within the Banking and Financial sector.

Known as the Financial Industry Command Security Operations Center, FICSOC, the platform will among other things help monitor and detect cyber threats promptly and also create an avenue for industry players to educate and share knowledge on cyber security.

Vice President Mahamudu Bawumia

Vice President Mahamudu Bawumia who officially out doored the center said the initiative which is the first of its kind to be introduced by a Central Bank in Africa, will go a long way to provide real time security analysis for the financial sector.

The Financial Industry Command Security Operations Center, FICSOC was initiated 3 years ago with the objective to enhance the cybersecurity resilience of banks across the country.

Structured in three phases, FICSOC is intended to serve as the long-term financial sector cybersecurity emergency response team.

The first phase of FICSOC will see a collaboration between the BOG and the Ghana Association of Bankers to connect 24 members.

The Financial Industry Command Security Operations Center, FICSOC, the platform will among other things help monitor and detect cyber threats promptly

The second phase involves the intelligence sharing platform, with the final stage bringing on board the Ghana Chamber of Technology and other member associations to bring fintech companies and other regulated financial institutions on board.

Vice President Bawumia noted that that the platform will not replace existing measures put in place by financial institutions but rather complement them.

Dr Bawumia was hopeful that FICSOC will enhance cybersecurity resilience in the sector. He urged industry players to collaborate with the BOG to make FICSOC very effective and efficient.

Governor of the Bank of Ghana, Dr Ernest Addison

The Governor of the Bank of Ghana, Dr Ernest Addison said the FICSOC project will help improve cyber security and support the banking and financial industry players to implement critical information security controls.

The FICSOC Project Manager, Joseph Awayiga elaborating on the objectives and benefits of FICSOC said the center also has a digital forensic lab to conduct investigations when the need arises.

FICSOC project is being implemented in collaboration with the Bank of Ghana’s regulated commercial banks, fintech companies, savings and loans companies, finance houses, rural and community banks, microfinance companies, forex bureaux and the Ghana Interbank Payment and Settlement Systems Limited, GHIPSS.

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