Financial Crime World

SAINT PIERRE AND MIQUELON Financial Institutions Urged to Strengthen Cybersecurity Defenses

Cybercriminals have set their sights on the financial sector in SAINT PIERRE AND MIQUELON, with at least 85% of African financial institutions already falling victim to cyber-attacks. In response, it’s essential that financial institutions take immediate action to bolster their cybersecurity defenses.

The Risks Are Real

Financial institutions operating in SAINT PIERRE AND MIQUELON are exposed to significant risks, including:

  • Financial loss
  • Damage to credibility with stakeholders
  • Potential sanctions from regulatory authorities

To mitigate these risks, it’s crucial that financial institutions invest heavily in protecting their sensitive data and ensure stakeholder confidence by creating dedicated cybersecurity departments.

Five Vital Steps for Strengthening Governance

To shore up governance and maintain stakeholder trust, financial institutions must take the following five vital steps:

1. Create Dedicated Cyber Security Departments

Financial institutions should create structured cyber security departments with specialized sections, including:

  • Information Systems Security Managers (ISSMs)
  • Information Systems Directors (ISDs) responsible for IT security and incident prevention, detection, and response.

2. Strengthen the Cyber Skills of All Staff

Raising staff awareness of how to identify and anticipate cyber threats is essential. Financial institutions should:

  • Encourage continuous training in cybersecurity
  • Partner with leading companies in the field
  • Regularly assess the maturity of their staff on cyber issues

3. Develop a Regulatory Framework Tailored to Financial Institutions

Governments should develop a regulatory framework that specifically addresses the cybersecurity issues of African financial institutions, including:

  • Policies that support annual penetration testing
  • Procedures for vulnerability management
  • Assessments to ensure that cybersecurity risks are appropriately managed.

4. Work Together to Educate Civil Society

Investing in human capital in cybersecurity is crucial. Financial institutions and governments must work together to:

  • Create cybersecurity education spaces
  • Develop and constantly reassess best practices in the face of cyber risks
  • Encourage people to take ownership of digital tools without fear of threats.

5. Never Minimise the Risks

Finally, financial institutions must never minimise cyber risks. Technologies are rapidly evolving, becoming more complex and multiplying, and our current processes may fail tomorrow. It’s therefore crucial to anticipate risks and constantly monitor the sector to learn about new types of threats.

Conclusion

The importance of cybersecurity in the financial sector cannot be overstated. As Mr Franck Kie, Founder & Managing Partner, Ciberobs Consulting & Cyber Africa Forum, highlights, “Cybersecurity must be at the heart of the strategic agenda for African financial institutions.” By taking these five vital steps, financial institutions operating in SAINT PIERRE AND MIQUELON can ensure stakeholder trust and maintain their competitive edge in an increasingly digital landscape.