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Nigeria: CBN issues risk-based cybersecurity framework and guidelines
The Central Bank of Nigeria ('CBN') issued, on 29 June 2022, its risk-based cybersecurity framework and guidelines for other financial institutions. In particular, the guidelines look at cybersecurity oversight, risk management systems, as well as monitoring and reporting. More specifically, the guidelines outline requirements for the board of directors, senior management, and the chief information security officer. In regard to risk management, the guidelines clarify that this will include internal cybersecurity audits, the scope of which should be clearly defined to provide assurance on the effectiveness of the cybersecurity programme.
You can read the guidelines here.
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