The Bank of Ghana has recently opened a Financial Industry Command Security Operations Centre (FICSOC) to combat increasing cybersecurity threats in the banking sector. The center, which was officially commissioned by Bank of Ghana president Ernest Addison, aims to provide real-time visibility into cyber threats and attacks targeting the banking sector.
According to Addison, the Bank of Ghana was aware of the increased cybersecurity risks in the financial sector, prompting the need for the FICSOC project. The bank worked in collaboration with Ghana’s Cyber Security Authority to improve the national cybersecurity posture in the banking sector in the country. During discussions, it became clear that the establishment of a security information and event management (SIEM) system was necessary to send logs, alerts, aggregate information, and reports, as well as enable threat intelligence sharing with other banks to improve their incident response mechanisms.
Admittedly, the establishment of FICSOC is a significant investment by the Bank of Ghana. Nonetheless, Addison believes the project is a key component of the system, given the challenges posed by cybersecurity. The hope is that this facility will become one of the top national security facilities in the country and contribute to improving cybersecurity across various financial sector institutions.
Ghanaian Vice President Mahamudu Bawumia officially opened the SOC during a ribbon-cutting event, labeling it the first of its kind funded and owned by a central bank in Africa. He praised the Bank of Ghana for taking the initiative to bolster national cybersecurity from the banking sector, setting the standard for other sub-regional central banks. He expects that central bank officials would visit the Bank of Ghana to learn from its approach to cybersecurity defense in the financial sector.
The establishment of FICSOC has come at a time when the world is witnessing an alarming increase in cybercrime. Cybersecurity researchers reported a 600% increase in phishing attacks in 2020 alone, while ransomware attacks increased by 150%. In the early months of 2021, the trend continues with the recent SolarWinds, Colonial Pipeline, and JBS Meat attacks.
Financial institutions are an obvious target of cybercriminals due to the high-value assets they hold. Considering the increasing sophistication of cybercriminals’ tactics and the consequential costly data breaches, there is a need for financial institutions to prioritize cybersecurity. Such a move will eventually protect the assets and trust of clients.
In Ghana, the establishment of FICSOC will encourage advocacy for cybersecurity awareness among financial service providers, increasing their security posture, and reducing security instances. For the Bank of Ghana, FICSOC will provide advanced warning of threats, threats intelligence-sharing, and rapid response capabilities.
Moreover, the establishment of FICSOC should inspire other central banks in Africa to invest in security infrastructure and bolster national cybersecurity. The move could encourage collaboration among countries to increase competencies and meet the common goal of thwarting cybercrime.
In conclusion, the launch of FICSOC by the Bank of Ghana is a commendable move, particularly in the wake of increasing cybercrime. The SOC will provide advanced warning of threats, threats intelligence-sharing, and rapid response capabilities to financial regulators. Hopefully, the establishment of FICSOC will spur other African central banks to take similar steps and improve national cybersecurity posture.