Connect with us

Business

Financial institutions charged to procure advanced systems to deal with cyber threats

Published

on

The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has challenged financial institutions to continuously examine the state of their security systems and design appropriate mechanisms to counter possible cyber threats.

The financial sector, according to the 2020 Banking Industry Fraud report, saw the value of attempted cyber fraud in general rise by over 400 percent from 2019 to 2020.

The reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion.

Out of that amount, the reported value of attempted cyber and email fraud amounted to over GH¢270 million.

In 2020, cyber/E-mail fraud however recorded a loss value of approximately GH¢1.05 million in 2020 as compared to a loss value of GH¢14.3 million recorded in 2019, representing a 92.6 % decrease in year-on-year terms.

Speaking at the launch of the Cybersecurity Authority and the Critical Information Infrastructure Directive, Dr. Maxwell Opoku-Afari noted that it is important for institutions to regularly implement up-to-date solutions to combat cyber-related threats.

“Regulatory compliance by itself is not cybersecurity. The onus lies on banks to examine the state of their security systems, identify gaps and design appropriate mechanisms to counter possible cyber threats. In addition to these cybersecurity regulations, financial institutions will also be required to implement an integrated approach by adopting enterprise-wide frameworks of cyber risk management in line with business objectives.”

“Today’s world is completely different from a decade ago, as changes in information and communication technology increase exponentially. As a result, it is important for institutions to undertake cybersecurity-related due diligence and assessments, identify proper detective controls, and enforce third party and insider risk programs to protect and safeguard their working environments from cyber-related activities that are not conducive for growth. I believe we will all delve into some of these critical issues that are associated with our drive towards digitization,” he added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

We’re not running 64th anniversary promo, ignore fraudulent reports – BoG

Published

on

By

The Bank of Ghana has cautioned the general public against participating in a fraudulent promotion said to be on the bank’s 64th anniversary.

According to a notice from the central bank, it has observed the fake promotion on social media, hence the disclaimer.

The bank however says it is not running a 64th-anniversary promotion of any kind.

The central bank also advised the general public not to subscribe to the fraudulent activity which invites the public to select links shared through social media, which is intended to lure users to participate in this spurious promotion.

The general public is thus advised to take note and to desist from participating in such fraudulent promotions in the name of the Bank of Ghana.

Any individual or entity that participates in such or similar scheme does so at their own peril, according to the Bank of Ghana.

Below is the full statement:

Continue Reading

Business

BoG warns against fraudulent money doubling scheme dubbed ‘Worldremit’

Published

on

By

The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”.

According to the Central Bank, “this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers”.

The central bank explained that the fraudulent “scheme encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes.

The Bank of Ghana said it has not licensed any entity or individual to undertake money doubling in the country.

“Any individual or entity that participates in such or similar schemes does so at their own peril,” the BoG said.

Continue Reading

Business

Murtala slams Ofori-Atta for claiming government’s payroll is full

Published

on

By

Former Deputy Trade Minister, Murtala Mohammed has taken on the Finance Minister, Ken Ofori-Atta for his comments on the government’s payroll.

Mr. Murtala Mohammed is of the view that those comments are an admission of a government that has failed, and thus urged them to admit it.

Mr. Ofori Atta at a graduation ceremony at UPSA on Friday, October 15, 2021, indicated that the government payroll was full and could not employ more public sector workers. He advised graduates to go into entrepreneurship to take hold of their economic lives.

According to him, that is the only way the rising unemployment rate in the country can be reduced.

“That payroll is full because we are spending some 60% of our revenue on remunerating some 650,000 people. That is not sustainable.”

However, Mr. Murtala in a Citi News interview asked the government to find ways of creating jobs for the youth of this country.

According to him, the rising unemployment levels are completely unacceptable.

“It is an admission of a government that has failed, and also an admission of a government that promised Ghanaians heaven and yet dragged them towards hell. That is what is happening.”

“This government is in power with promises and if you check the unemployment rate now, it has risen over 8% under them and unemployment amongst the youth is 12.6% and that is completely unacceptable.”

Continue Reading

Trending Now