Rising Cyber Threats Demand Bank Preparedness – Dr. Mumuni
The First Deputy Governor of the Bank of Ghana, Zakari Mumuni, has raised concerns over escalating cyber threats within Ghana’s financial system, urging banks and other financial institutions to strengthen their preparedness as digitalisation accelerates.
Speaking at the launch of the Cyber and Information Security Directive (CISD) 2026, Dr. Mumuni described the new framework as a critical response to the rapidly evolving technological landscape, characterised by increased reliance on digital platforms, artificial intelligence, and interconnected financial systems.
“Today marks a significant milestone with the launch of the new cyber and information security directive for the financial industry,” he stated, emphasising that the directive is designed to reinforce resilience across the sector.
Cyber Threats Now a Constant Reality
Dr. Mumuni warned that cyber risks are no longer theoretical but have become persistent and inevitable threats to financial stability.
“Cyber incidents are no longer hypothetical, they are constant realities,” he cautioned, adding that the ability of financial institutions to withstand such threats will depend largely on their level of preparedness and responsiveness.
He explained that the CISD 2026 builds on an earlier 2018 framework, which laid the foundation for managing cyber risks but has since become inadequate in the face of rapid technological advancements.
Digitalisation Driving New Risks
According to the Deputy Governor, the increasing adoption of cloud computing, third-party platforms, and artificial intelligence has significantly transformed the risk environment.
“We now operate in an era defined by rapid digital transformation, increased reliance on cloud and third-party technologies, and the growing sophistication of cyber threats, including new risks driven by AI and data ecosystems,” he said.
These developments, he noted, have heightened vulnerabilities within the financial system, making it imperative for institutions to adopt more robust and adaptive cybersecurity measures.
Cybersecurity as a National Priority
Dr. Mumuni stressed that cybersecurity is no longer just an IT issue but a broader economic and national security concern that requires coordinated action.
“The strength of any financial system rests not only on sound policy but on collective responsibility,” he said, adding that safeguarding the financial ecosystem is not the sole responsibility of the central bank.
He called for stronger collaboration among regulators, financial institutions, fintech firms, and technology providers to ensure a unified approach to cyber risk management.
Industry Collaboration and Forward-Looking Framework
The CISD 2026 was developed through extensive consultations with industry stakeholders, international partners, and technical experts. Dr. Mumuni noted that this collaborative approach ensures the directive is both practical and aligned with global best practices.
The central bank has, in recent years, expanded Ghana’s digital financial infrastructure, including payment systems and mobile financial services, while working to manage the risks associated with increased connectivity.
Protecting Confidence in the Financial System
Dr. Mumuni underscored that the directive provides a clear regulatory framework to guide institutions in strengthening cyber defences as the financial sector continues to digitise.
He emphasised that maintaining public trust is critical, particularly as more Ghanaians rely on digital financial services.
“The security of the financial system is essential to preserving confidence and ensuring stability,” he said.
As Ghana deepens its digital transformation agenda, the central bank’s renewed focus on cybersecurity signals a proactive effort to safeguard the integrity of the financial system against emerging and increasingly sophisticated threats.
