Central financial institution Governor warns of cyber threats
Dr. Ernest Addison, Governor of the Bank of Ghana, has warned monetary establishments within the nation relating to the rising menace of cyberattacks.
He mentioned the usage of digital platforms for banking transactions offered each alternatives and a few threats.
The Governor was talking on the Chartered Institute of Bankers, Ghana’s (CIB) Governors Day occasion in Accra.
The CIB Governors Day occasion was on the theme: “Resilience in the Financial System: Navigating Horizon Risks.”
The occasion additionally noticed the investiture of three honorary members, who’ve made important contributions to the trade.
The Governor cited the current cyberattack on the Central Bank of Uganda, which resulted in a lack of $16.8 million, as a stark reminder of the potential penalties of insufficient safety measures.
Dr Addison emphasised the necessity for important investments in cybersecurity measures to safeguard towards digital vulnerabilities within the monetary sector.
He highlighted a number of challenges confronted by the Bank of Ghana throughout his seven-year tenure, together with the influence of disinformation, exterior financial shocks, and the federal government’s fiscal coverage responses on the nation’s financial stability.
He mentioned whereas exterior elements posed important dangers, the overreliance of Ghanaian monetary establishments on authorities bonds and securities left them notably weak to exterior shocks.
To mitigate these dangers, Dr. Addison urged monetary establishments to prioritize lending to the non-public sector to stimulate financial progress.
He emphasised the significance of moral conduct amongst banking professionals and urged the newly inducted chartered bankers to stick to the very best requirements of integrity of their practices.
Mr. Robert Dzato, CEO of CIB-Ghana, recommended Dr. Addison for his management and help in shaping the coaching of banking professionals.
He highlighted the profitable implementation of the Ethics Certification Programme, developed in collaboration with the Bank of Ghana’s Ethics and Internal Investigations Department.
He mentioned up to now, 11 banks have enrolled within the programme, with over 68,000 banking employees having accomplished the coaching.
Source: GNA
