The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to complete a newly deployed cybersecurity self-assessment tool (CSAT) as part of efforts to strengthen resilience across the financial system.
In a circular dated March 30, the apex bank said the tool
was introduced in line with its mandate under the Banks and Other Financial
Institutions Act 2020 and is designed to assess the cybersecurity posture of
regulated entities.
According to the circular signed by Olubunmi Ayodele-Oni for
the director of the compliance department, deposit money banks are required to
submit their completed assessments within three weeks, while other institutions
have five weeks.
The directive, which takes immediate effect, applies to
deposit money banks, payment service banks, microfinance banks, payment service
providers, finance companies, and development finance institutions.
“The CSAT is a structured supervisory instrument designed to
obtain comprehensive information on the cybersecurity posture of regulated
institutions,” the circular reads.
“It covers key areas including cybersecurity governance,
risk management practices, technology and third-party risk controls, incident
response capabilities, and overall operational resilience.
“Insights derived from the CSAT will support risk-based
supervision and enhance regulatory oversight of cybersecurity risks across the
financial system.
“Accordingly, all the referenced institutions are required
to complete and submit the CSAT through a dedicated submission portal.”
The regulator added that access to the submission portal and
guidance would be provided to chief information security officers and other
relevant officials of the affected institutions.
CBN said all submissions must reflect data as of December
31, 2025, and be accompanied by relevant supporting documentation where
applicable.
The apex bank warned that “submission of false, misleading,
or inaccurate information constitutes a regulatory breach,” and would attract
sanctions in line with BOFIA 2020.
CBN also said validation exercises, including off-site
reviews and supervisory engagements, would be conducted to verify the accuracy
of submissions.
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