“Collaboration is not optional” – Deputy Governor of BoG rallies industry against cyber threats

The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has stressed the urgent need for institutional collaboration to combat rising cybersecurity breaches, money laundering, and terrorist financing across the financial sector.

Speaking at the Financial Industry Command Security Operations Centre (FICSOC) Stakeholder Engagement on May 7, she stated, “Collaboration is not optional. No single institution, no matter how large or well-resourced, can face these threats alone.”

Dr. Mumuni cited alarming statistics, including a 38% global surge in financial cyberattacks in 2023 and Ghana’s own loss of nearly GH¢10 million to cyber-related fraud in 2024, to underscore the risks facing the sector.

She emphasized that deeper integration and intelligence sharing between institutions are essential, not just to enhance operational efficiency but to protect the integrity of Ghana’s financial infrastructure and reach unbanked populations.

Highlighting BoG’s ongoing reforms, she referenced the establishment of FICSOC and its role in strengthening real-time threat monitoring and coordinated response mechanisms.

Dr. Mumuni also revealed plans to revise the Cyber and Information Security Directive to reflect emerging threats, including those linked to AI and cloud computing, noting that “the resilience of our financial system depends not just on innovation or regulation, but on our willingness to collaborate.”