Nigeria: Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions implemented

On 1 January 2023, the Central Bank of Nigeria's Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions, applicable to all entities defined as Other Financial Institutions (OFIs), have been implemented. The Guidelines set out the cybersecurity rules applicable to OFIs, defining the cybersecurity governance responsibilities of the various position-holders in an organisation, including the Board of Directors, Senior Management, and the Chief Information Security Officer. Further, the Guidelines set out the obligations of OFIs concerning risk management, developing cybersecurity strategies and frameworks, as well as assessment and reporting.