Financial Institutions in Saint Pierre and Miquelon: Failing to Keep Pace with Evolving Cyber Threats

In a region where digital platforms are increasingly relied upon by financial institutions, cybersecurity measures have become a top priority. However, a recent study has revealed that many banks in Saint Pierre and Miquelon are struggling to keep pace with the evolving cyber threats.

Cybersecurity Risks in the Financial Sector

The island’s financial sector is at risk of falling victim to sophisticated attacks, including ransomware and account-takeover threats. The lack of effective internal controls and inadequate identity and access management programs have left institutions vulnerable to cyber attacks.

• Weak Access Management: Insufficient authentication controls continue to give cyber attackers access to the same resources and data that legitimate users are accessing.
• Inadequate Identity and Access Management Programs: Banks need to take immediate steps to tighten up their customer and enterprise identity and access management programs.

The Importance of Data Governance

A comprehensive data governance framework is essential for managing the increasing amount of sensitive information being collected and stored by financial institutions. This includes ensuring that data is collected, stored, managed, and used in accordance with regulatory requirements.

• Data Governance Framework: A crucial component for protecting against reputational damage and financial losses.
• Regulatory Compliance: Banks must ensure compliance with cybersecurity regulations and guidelines to protect themselves against these threats.

Incident Response Plan

Experts recommend that banks develop an incident response plan to respond to cyber attacks and data breaches. This includes identifying responsible parties for notification, prioritizing data recovery, and determining whether to pay ransom.

• Proactive Measures: Banks need to be proactive in addressing cybersecurity risks by ensuring their employees are aware of the risks and have the necessary training to prevent and respond to cyber attacks.
• Training and Awareness: Employees must be educated on best practices for managing cybersecurity risks to protect against evolving threats.

Conclusion

The responsibility for protecting against cyber attacks lies with both the banks and regulators. By working together, they can ensure the financial sector is secure and resilient to evolving threats. It is essential for financial institutions in Saint Pierre and Miquelon to take immediate action to protect themselves against these threats, failure to do so could result in significant financial losses and reputational damage.