Special report released on the security of Ghana’s online banking platforms

By Nana Appiah Acquaye, Accra, Ghana

A local Ghanaian IT firm, Elcuto Consult, has released a vulnerability report on the security of online banking platforms in the Ghana. 

The research covered major banks in the country including Standard Chartered Bank Ghana, Barclays Bank Ghana, UBA, Unibank, Prudential, Ghana commercial bank, Ecobank, HFC, Bank of Africa, Guarantee Trust bank, Societe Generale, Sahel Sahara, Cal bank, National Investment Bank and First Atlantic bank.

According to the report the online banking sites of most banks like Stan Chart and Barclays scored Grade A due to its secure nature. However, the banks couldn’t score an excellent grade A because their servers did not support forward secrecy which gives long term protection of private keys and the use of low quality ciphers respectively.

Banking Giants in the West African sub region such as GCB and Ecobank, HFC, Bank of Africa, GT, SG, Sahel Sahara, Cal, NIB, First Atlantic and the newly acquired UMB also scored grade F for the extreme poor nature of their online banking platforms.

These revelations go to suggest that transactions done via the various online banking sites are at risk of being compromised by cyber hackers.

The report concluded that strong regulation is key in data protection and security. The authors expressed the hope that the report would ‘awaken the need to improve information security in Ghanaian companies, especially financial, telecom, insurance and aviation sectors where online banking and online payments are taking shape.’ 

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