CBN Imposes Strict 3-Week Cybersecurity Deadline on Banks

LAGOS – The Central Bank of Nigeria (CBN) has rolled out a stringent timeline for banks to gauge their cybersecurity defenses, mandating Deposit Money Banks (DMBs) to submit self-assessments within just three weeks.

This directive, detailed in a March 30 letter posted on the CBN’s website, targets DMBs, Payment Service Banks, Microfinance Banks, Payment Service Providers, Finance Companies, and Development Finance Institutions. Other regulated entities get a five-week window. The move deploys a new Cybersecurity Self-Assessment Tool (CSAT) to map out cyber vulnerabilities across Nigeria’s financial sector.

Governor Olayemi Cardoso’s regulator frames this as a core duty under the Banks and Other Financial Institutions Act (BOFIA) 2020. “The CSAT serves as a structured supervisory tool to capture a full picture of institutions’ cybersecurity health,” the CBN stated. It probes key areas: governance, risk management, tech infrastructure, third-party risks, incident response, and operational resilience.

Submissions go through a secure portal, with login details sent to Chief Information Security Officers. Data must mirror positions as of December 31, 2025, backed by documents. The CBN vows rigorous checks via off-site audits and on-site visits, warning that “false, misleading, or incomplete information” invites heavy sanctions.

This crackdown arrives amid Nigeria’s exploding cyber threats. NITDA reported a 45% jump in digital fraud last year, costing banks over ₦20 billion ($12 million), per a Reuters analysis. High-profile breaches—like the 2025 Zenith Bank hack exposing customer data—have rattled trust in digital banking, which now handles 70% of transactions (CBN stats). Experts link weak defenses to phishing, ransomware, and insider threats, fueled by rapid fintech growth.

Victor Ologun, a Lagos-based fintech consultant, told this reporter: “Banks’ patchy cyber setups leave customers exposed. This CBN push is overdue—self-assessments will spotlight gaps before attacks do.”

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The CSAT builds on CBN’s 2024 Cyber Risk Framework, which mandated basic protections but fell short against sophisticated hacks from groups like SilverTerrier. Insights from these assessments will fuel “risk-based supervision,” letting regulators prioritize high-risk players.

Industry watchers applaud the urgency but flag execution hurdles. “Three weeks is tight for thorough reviews,” said Chuks Amaechi, CEO of a mid-tier microfinance bank. Still, non-compliance risks fines up to ₦1 million daily, per BOFIA penalties.

As Nigeria eyes cashless dominance, this timeline underscores Cardoso’s pledge for a fortified financial ecosystem. Banks now race the clock to prove they’re cyber-ready.