Subject: Lessons Learned from Cybersecurity Workshop: Key Threats and Spending Considerations

Dear CEO,

Following my participation in the recent corporate workshop on cybersecurity, I am sharing key insights as requested. These are grounded in Ghanaian banking contexts, including BoG’s Cyber and Information Security Directive 2020 and lessons from events like the 2020 rise in digital fraud during COVID-19 lockdowns.

a. Five major sources of cybersecurity threats in an organization:

1. Human Error and Insider Threats: Employees accidentally clicking phishing links or malicious insiders leaking data, as seen in Ghanaian banks during the 2017-2019 cleanup where governance lapses exposed vulnerabilities.
2. External Hackers and Cybercriminals: Organized groups using malware or ransomware, targeting banks for financial gain, compliant with global trends but amplified in Ghana post-DDEP with economic pressures.
3. Third-Party Vendors and Supply Chain Attacks: Risks from outsourced IT services, as regulated under BoG’s outsourcing guidelines in Act 987, where vendor breaches (e.g., in payment systems) compromise bank data.
4. Unsecured Networks and Devices: Weak Wi-Fi or unmanaged mobile devices in remote work, heightened post-COVID, violating BoG’s directive on secure access.
5. Advanced Persistent Threats (APTs): State-sponsored or sophisticated attacks persisting undetected, as in global cases like SolarWinds, adaptable to Ghana’s fintech integrations.

b. Five key factors management must consider in deciding cybersecurity spending:

1. Risk Assessment and Threat Landscape: Evaluate specific risks via BoG-mandated audits (e.g., under Corporate Governance Directive 2018), prioritizing spending based on vulnerability scans, as Ecobank Ghana does annually.
2. Regulatory Compliance Requirements: Allocate budgets to meet BoG directives like the 2020 Cyber Security one, including minimum spending on tools, to avoid penalties seen in non-compliant banks during cleanup.
3. Cost-Benefit Analysis: Weigh investment against potential losses (e.g., data breach costs averaging GHS millions), using ROI models aligned with Basel III operational risks.
4. Business Impact and Asset Value: Protect high-value assets like customer data, considering post-DDEP recovery needs, as Stanbic Bank Ghana factors in for sustainable operations.
5. Technological Advancements and Scalability: Invest in scalable solutions like AI security, factoring future threats from emerging tech, ensuring alignment with BoG’s sustainable banking principles for long-term efficiency.

Please let me know if you’d like a full presentation.

Best regards,
[Your Name]
[Your Position]