Non-compliant banks, PSPs risk penalties under monthly cyber report guidelines - Sam George
Sam Nartey George issued a stern warning to financial institutions and payment service providers over failure to comply with mandatory monthly cybersecurity reporting. Mr. George said, "Compliance is not optional, and any failure to submit monthly reports will attract the full force of regulatory action."
Institutions that fail to comply with the reporting requirements will face sanctions. The move is aimed at protecting consumers and businesses from rising cyber threats. Dr. Johnson Pandit Asiama emphasized the importance of closer collaboration between financial institutions and regulatory bodies to combat cyber risks effectively. Dr. Asiama said, "Cyber threats are evolving rapidly, and a coordinated approach is critical to maintaining trust and stability in our financial systems." Julius Debrah noted that security within the financial sector must be a top priority. Debrah said, "Ghana's financial institutions must place cybersecurity at the forefront of their operations to safeguard the economy and the interests of consumers."
The new directive is part of the government's broader strategy to strengthen digital infrastructure and improve oversight in Ghana's rapidly growing fintech and banking sectors. Analysts say the policy is likely to increase accountability and ensure institutions proactively detect and respond to cyber threats.
Quick Summary
Sam George has warned banks and PSPs about cybersecurity reporting. The directive aims to protect Ghana's digital financial ecosystem - but what happens if they don't comply?
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