CBN Says Banks Must Manage Risks From 3rd Party Tech Providers

As the January 1, 2027 deadline for data localisation compliance approaches, the Central Bank of Nigeria (CBN) has urged financial institutions to strengthen the management of risks associated with their growing reliance on cloud computing and third-party technology providers to protect financial system stability.
The Deputy Governor, Financial System Stability, CBN, Lamido Yuguda, stated this at the CBN-National Information Technology Development Agency (NITDA) Executive Regulatory Dialogue on the implementation of the National Sovereign Cloud Initiative (NSCI) and data localisation.
According to him, while cloud computing offers scalability, efficiency, flexibility and opportunities...