CBN Urges Banks to Strengthen Risk Management Ahead of 2027
The Central Bank of Nigeria (CBN) has issued a directive to financial institutions to improve their management of risks associated with their increasing dependence on cloud computing and third-party technology providers. This call to action comes as the deadline for compliance with data localization regulations approaches on January 1, 2027.
The CBN emphasizes the importance of these measures to ensure the stability of the financial system in Nigeria, highlighting the need for banks to proactively address potential risks that may arise from their reliance on external technology services.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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