First Deputy Governor’s Speech – FICSOC Stakeholder Engagement
Source: bank_of_ghana
Date: 2025-05-07

Stakeholder Engagement Financial Industry Command Security Operations Centre (FICSOC) Welcome Address By Dr. Zakari Mumuni First Deputy Governor, Bank of Ghana May 7, 2025 The Bank Square Second Deputy Governor, Director-Generals of the Regulatory Institutions, CISOs and CIOs of Banks and other Financial Institutions, Bank of Ghana Directors and Heads of Department, Distinguished Guests, Ladies and Gentlemen, 1. Good morning to you all, and welcome to the Bank Square. It is an honour to address this important forum as we confront the evolving threats facing our financial sector – cybersecurity breaches, money laundering, and terrorist financing. Let me say that it is for this reason that the Financial Industry Command Security Operations Centre (FICSOC) was established as a pivotal institution to engage industry players and safeguard the financial infrastructure. 2. Ladies and Gentlemen, the digital revolution has transformed our financial system, opening pathways to innovation — but also to vulnerability. In 2023, global financial cyberattacks surged by 38%, while annual money laundering flows exceeded $2 trillion. Ghana has not been spared. In 2024, cyber and technology-related fraud losses reached almost 10 million Ghana cedis, up from 8.9 million Ghana cedis the previous year, according to the Bank of Ghana’s 2024 Fraud Report. 3. Today, we are at a pivotal moment in the evolution of financial services. As technology advances and our economies become more interconnected, deeper integration within the financial industry is no longer a luxury – it is an imperative. Connecting platform s and systems across institutions is key to delivering seamless services to our clients. More importantly, it is a tool to reach millions of unbanked individuals across Ghana who deserve the opportunity to participate in and benefit from the formal financial system. 4. Yet, as we embrace the promise of digital inclusion, we must also confront the risks it brings — particularly in the realm of cybersecurity. Every new doorway to financial empowerment can also become an entry point for malicious actors. Cyber risks are unlike any other. They are stealthy, adaptive, and borderless. A single weakness in one institution can cascade into systemic threats — amplified by the very interconnectedness we rely upon for efficiency and scale. A breach in one part of our financial ecos ystem could compromise operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike. 5. Ladies and Gentlemen, this is why collaboration is not optional. No single institution, no matter how large or well-resourced, can face these threats alone. We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve. The Bank of Ghana has long recognized this imperative. Over the years, the Bank has made significant investments in cybersecurity — not simply for compliance, but to build a foundation of trust and resilience for collective progress. 6. A cornerstone of this effort was the 2018 issuance of the Cyber and Information Security Directive (CISD) — a bold step to establish clear expectations, strengthen accountability, and harmonize cybersecurity standards across the financial sector. The directive helped institutions move from reactive postures to proactive strategies, enabling them to anticipate a nd respond to emerging threats. This led to the establishment of the Financial Industry Command Security Operations Centre (FICSOC), which has greatly enhanced our collective situational awareness. Participating institutions can now monitor threats in real time, share incident reports promptly, and coordinate responses with greater speed and impact. It is a living example of how collaboration breeds res ilience. Indeed, when we work together, we are stronger, smarter, and faster. 7. Ladies and Gentlemen, our work at FICSOC has not gone unnoticed. The Cyber Security Authority has formally designated the Bank of Ghana as the Sectoral Computer Emergency Response Team (CERT) lead for the financial industry. This designation is not just a title — it is a responsibility. As a sector rich in Critical Information Infrastructure (CII), the financial industry demands deeper collaboration to understand evolving threat patterns —ranging from insider breaches and digital fraud to advanced persistent threat s. Indeed, the CERT designation opens the door to cross -sectoral intelligence sharing, collective defense, and a unified national response. When we collaborate, we do not fight alone – we defend our sector with shared purpose and shared tools. While FICSOC offers a powerful collective shield, individual institutions must continue investing in their own cyber capabilities. A shared defense does not replace internal diligence; it strengthens it. 8. But let me be clear — as a regulator, we are not resting on our success story. We are here today because we know cybersecurity is never static. It evolves — and so must we. Together, we must reflect, re -strategize, and build on our shared progress. Accordingly, the Bank of Ghana has initiated a process to revise the Cyber and Information Security Directive. The updated directive will address emerging risks ti ed to artificial intelligence, data privacy, cloud computing, and digital governance. It is being de signed with proportionality in mind — ensuring that regulatory requirements reflect the varied realities of different institutions while continuing to protect innovation. 9. In addition, the Bank has commenced steps to expand the scope of FICSOC to include all regulated financial institutions — bringing in our sister regulators, namely NIC, NPRA, and SEC. By broadening the circle of participation, we aim to extend the benefits of early warning systems, situational awareness reporting, and threat intelligence to all players — large and small. Cybersecurity must be democratized — every institution must be supported with the tools and visibility to protect their operations and their customers. 10. In closing, Distinguished guests, ladies and gentlemen, let me reiterate that the resilience of our financial system depends not just on innovation or regulation — but on our willingness to collaborate. We must build stronger bridges between institutions, regulators, and technology providers. We must share, learn, and act – together. 11. Let us commit to a safer, more inclusive financial ecosystem — one where no institution’s resilience stands alone, and no one is left behind. In unity, we will secure our future. Thank you.