Nigeria: Adopted CBN Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Banks, including minimum cybersecurity requirements

On 31 May 2024, the Central Bank of Nigeria (CBN) issued the "Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs)." The DMBs and PSBs are required to implement these measures by 1 July 2024. The framework sets out minimum cybersecurity requirements for financial institutions to strengthen their defences against cyber threats. It covers areas such as governance, risk identification, third-party risk, vulnerability management, and cybersecurity maturity assessments. The framework also addresses use of emerging technologies, including AI, machine learning, cloud computing, and distributed ledger technology.