ABSTRACT
The main aim of the study was to investigate the level of awareness, practices and compliance
level to the cyber-security directive of the central bank among the foreign banks operating in
Ghana. A multistage sampling technique was used to arrive at the final respondents for the
study. The study had a total of 46 respondents from 13 foreign owned banks in Ghana. All
respondents indicated they knew there was a policy on cybersecurity. To verify the knowledge of
the respondents to their organization’s cybersecurity policy, we sort to know the standards or
framework adopted. Majority indicated that they had no idea of the standards their organization
was using. Most respondents who were staff of foreign banks knew there was a cybersecurity
policy and were aware of it. But a further probe showed they did not have much information on
the policy. Knowledge regarding the standards and framework used was not readily known by
most respondents. Internal Audits was the main means to detect cyber security threats followed
by formal risk analysis and penetration test. Over half of respondents said they could remotely
access the cyber system of the organization. But however, most devices apart from the
organization’s computers were not allowed on the system. This improves security and prevents
threats. To keep staff updated with cyber security issues and systems, routine training programs,
seminars or conferences should be held. Both the bank and the central bank has to make it
mandatory for every bank staff to undergo some level of cyber training. Drills and exercises in
instances of cyber-attacks are an important step towards dealing with a cyber-attack. This would
relatively improve the level of preparedness for a cyber threat. Cyber systems need to be audited
internally and more frequently to expose loop holes or threats in the systems being used by the
banks. This could also be augmented with external audits and risk analysis.
Eastern Network, L (2021). Cybersecurity Practices Among Foreign Banks In Ghana. Afribary.com: Retrieved April 16, 2021, from https://afribary.com/works/cybersecurity-practices-among-foreign-banks-in-ghana
Library, Eastern Network. "Cybersecurity Practices Among Foreign Banks In Ghana" Afribary.com. Afribary.com, 06 Apr. 2021, https://afribary.com/works/cybersecurity-practices-among-foreign-banks-in-ghana . Accessed 16 Apr. 2021.
Library, Eastern Network. "Cybersecurity Practices Among Foreign Banks In Ghana". Afribary.com, Afribary.com, 06 Apr. 2021. Web. 16 Apr. 2021. < https://afribary.com/works/cybersecurity-practices-among-foreign-banks-in-ghana >.
Library, Eastern Network. "Cybersecurity Practices Among Foreign Banks In Ghana" Afribary.com (2021). Accessed April 16, 2021. https://afribary.com/works/cybersecurity-practices-among-foreign-banks-in-ghana