CBK sets up Cybersecurity Centre to tame crime in banking sector

In a statement on Monday, CBK noted that the BS-SOC is a key component in the implementation of the Computer Misuse and Cybercrime (Critical Information Infrastructure and Cybercrime Management) Regulations of 2024.

It is also a strategic initiative under the CBK Strategic Plan 2024-2027.

"The BS-SOC is currently under CBK’s Cyber Fusion Unit, and is equipped to provide critical services such as Cyber Threat Intelligence, Incident Response, Digital Forensics, and Cyber Investigations," the statement read in part.

CBK added it has commenced the process of aligning and harmonising the Commercial Banks Cybersecurity Guidelines 2017 and the Payment Service Providers Cybersecurity Guidelines 2019 to address the prevailing regulatory compliance hitches.

Meanwhile, all regulated institutions have been instructed to continue complying with both sets of requirements simultaneously and should report cybersecurity incidents to the BS-SOC within stipulated timelines under the CMCA Regulations.

CBK issued the Guidance on Cybersecurity to commercial banks in August 2017, outlining the minimum requirements that institutions must build upon in the development and implementation of strategies, policies, procedures and related activities aimed at mitigating cyber risk.

In its latest Cybersecurity survey, CBK noted that banks need to increase their cybersecurity investments to tackle emerging new threats in artificial intelligence.

The survey was conducted to assess the level of cyber risk awareness, preparedness, and resilience within the financial sector following the issuance of the Guidance.

CBK believes that the new installation will enhance the resilience of the banking sector against the persistent threats in cybersecurity.