The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has urged financial institutions to move beyond mere regulatory compliance and strengthen their cyber resilience to safeguard the stability and integrity of Ghana’s financial system.
Speaking at the opening of the Financial Industry Command Security Operations Centre (FICSOC) Stakeholders and CISO Forum on Tuesday, September 29, 2026, Ms Asante-Asiedu said financial institutions must develop the capacity to anticipate cyber threats, withstand disruptions and recover quickly when attacks occur.
“Cyber resilience is no longer simply an IT concern. It is fundamental to trust and stability in our financial system,” she said.
The Deputy Governor stressed that institutions’ preparedness must go beyond meeting minimum regulatory requirements, particularly as the cyber threat landscape continues to evolve.
According to her, public confidence in financial services depends not only on institutions’ compliance with regulations but also on their ability to keep critical systems operational during cyber incidents and restore services promptly when disruptions occur.
She explained that effective cyber resilience requires financial institutions to maintain essential functions during periods of compromise, minimise the impact of attacks and recover their operations within the shortest possible time.
“Opening the Financial Industry Command Security Operations Centre (FICSOC) Stakeholders and CISO Forum yesterday, I asked our institutions to move beyond compliance and focus on resilience to strengthen their ability to anticipate threats, withstand disruption and recover quickly, should it happen,” she said.
Ms Asante-Asiedu also highlighted the growing influence of artificial intelligence (AI) on both the financial services industry and the cybersecurity landscape.
She noted that while AI is creating new opportunities and transforming financial services, advances in technology are also providing cybercriminals with new tools and methods to exploit vulnerabilities.
She therefore called for greater collaboration among financial institutions to promote shared threat intelligence, strengthen preparedness and facilitate faster and more coordinated responses to cyber incidents.
“As artificial intelligence continues to reshape both financial services and the cyber threat landscape, collaboration across the financial sector remains essential,” she said.
The Deputy Governor said the establishment of FICSOC demonstrates the financial sector’s growing commitment to strengthening cybersecurity through collective action.
She said the centre is expected to improve coordination among financial institutions, enhance visibility into emerging cyber threats and support faster responses to incidents.
These measures, she noted, would help prevent individual cyber incidents from escalating into broader disruptions that could threaten the stability of the financial system.
The comments come amid growing concerns over cyber threats targeting financial institutions and digital payment systems, including phishing, ransomware and other attempts to compromise critical digital infrastructure.
Ms Asante-Asiedu said strengthening cyber resilience and deepening collaboration across the sector were essential to protecting customers, maintaining confidence in financial services and ensuring continuity of critical operations in the face of evolving cyber risks.
Story by Yao Dzaka
