In recent years, cyber-related systems and networks have been playing an increasing role in the financial sector. The financial sector relies on these infrastructures for processing transactions and...

In recent years, cyber-related systems and networks have been playing an increasing role in the financial sector. The financial sector relies on these infrastructures for processing transactions and transferring funds which has made them attractive and susceptible targets for cyber-attacks. Being high-profile targets creates a distinct challenge for financial institutions since they must strike an optimal balance between security and maintaining efficient and reliable operations for their customers. Today, cybercrime poses a real and persistent threat to financial institutions of all sizes and the number of companies that fall victim to cybercrime and digital espionage continues to rise. The financial services sector and its customers are heavily targeted by all those actors. Furthermore, the threat environment has become more sophisticated and diverse. In recent times, cybercriminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber and information security defences of financial systems (Bank of Ghana).

Required:

1. Examine the extent of cyber-crime exposure of the banks in Ghana considering banking services interoperability platform that allows the transfer and receipt of money.


2. Conduct an audit of the regulatory framework by the Bank of Ghana to deal with cybercrimes in the Ghanaian banking system.