Investment market to get new cyber security laws

The Securities and Exchange Commission (SEC) has told Citi Business News it will within the coming months, issue new directives that will deal with cyber fraud cases within the investment market.

The Director General of the SEC, Daniel Ogbarmey Tetteh explains that the exercise is to reduce the amount of money lost to the crime and protect the information of investors.

“It is important for all our capital market operators to be aware of the dangers that are associated with cybercrime and to realise that once you are in the digital era, you need to take steps,” he said.

The comment also follows a similar directive issued by the Bank of Ghana for banks as it foils cyber-attacks which stood at over a one thousand reported cases as at last year (2017).

Mr. Ogbarmey Tetteh is hopeful industry players will abide by the rules when they are finalized.

“Earlier this week we know the Bank of Ghana issued cyber security directives to its licensees and I’d like to say that in the course of time we will also engage our operators in that direction because it is important for our capital market operators to take the steps to ensure that they are protecting their operations and clients as well. Our mandate as a Commission is to ensure the protection of investors and ensuring the integrity of the market.”

The threat imposed by cyber-crime has made it necessary for the country to invest in dealing with the canker.

For instance, the month of October has been declared as a cyber security awareness month and observed as such.

The President, Nana Akufo Addo has also inaugurated a cyber security centre and new equipment that the Ministry of Communications and its allied agencies like National Communications Authority are to use to stop the impact of the cybercrimes.

Meanwhile, Finance Minister, Ken Ofori Atta has hinted of the establishment of a fund in the 2019 budget to support the fight against cybercrimes.

For now, it is unclear whether contributions to the fund will be from Ghanaians in form of taxes or from the central government’s financing.

Source: Citi Business News

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