Stress-test your systems against possible cyber-attacks
"The welcomed drive towards more digitization has heightened cyber risks and fraud, and therefore calls for effective cyber risk management policies and procedures by banks. The Bank of Ghana expects all banks to build robust systems to forestall such cyber security incidences. All the successes chalked in the digitization of banking systems would be eroded if adequate investments are not made for effective protection of the information technology and security infrastructure. In this regard, the Bank has issued directives and guidelines such as the Cyber Security Directive that banks must meet on an on-going basis to effectively manage cyber risk and fraud." The Governor went on to further entreat all banks in the country to stress test their systems to enable them prepare for possible shocks. "To further build our defences against the pandemic, I would encourage the GAB to continuously engage industry players to collectively strengthen their operational resilience in these times. From supervisory perspective, I would entreat the various risk managers to continuously stress-test your banks under different extreme but plausible scenarios to enable you contain possible risks that may emanate from the COVID-induced uncertainties."