Financial Crime World

WALLIS AND FUTUNA FINANCIAL SECTOR UNDER CYBER CRIME THREAT: EXPERTS URGE ACTION

The financial sector in Wallis and Futuna is under threat from cybercrime, according to industry experts. A recent report by cybersecurity firm DataProtect revealed that at least 85% of financial institutions in the region have already fallen victim to cyber-attacks.

Cybersecurity: The Top Fear of Bankers

The 2022 Financial Industry Barometer by Deloitte highlighted that cybercrime is the number one fear of bankers, exposing them to the risk of financial loss and credibility with stakeholders. With regulatory authorities also imposing sanctions on institutions that fail to protect their data, it is imperative for financial institutions in Wallis and Futuna to prioritize cybersecurity.

Five Key Priorities for a Secure Financial Services Sector

To achieve a secure financial services sector, experts have identified five key priorities:

  • Create Dedicated Cyber Security Departments: Recruit Information Systems Security Managers (ISSMs) and Information Systems Directors (ISDs) who will work on incident prevention, detection, and response.
  • Strengthen Cyber Skills of All Staff: Encourage continuous training in identifying and anticipating cyber threats by partnering with leading companies in the field. Regularly assess the maturity of staff on cyber issues.
  • Develop Regulatory Framework Tailored to Financial Institutions: Governments must develop policies that support annual penetration testing and procedures for vulnerability management to assess cybersecurity risks.
  • Educate Civil Society about Digital Threats: Financial institutions and governments must work together to create cybersecurity education spaces, develop best practices, and constantly reassess them in the face of cyber risks.
  • Never Minimize Cyber Risks: Despite all prevention and detection measures, experts warn against minimizing cyber risks. Financial institutions in Wallis and Futuna must be prepared to innovate constantly and anticipate new types of threats.

Investing in Human Capital in Cybersecurity

Experts emphasize that it is essential to invest in human capital in cybersecurity. This includes recruiting skilled professionals who can detect and respond to cyber-attacks, as well as providing continuous training for staff on cyber issues.

Conclusion

The financial sector in Wallis and Futuna must take immediate action to shore up governance and maintain stakeholder trust. By prioritizing cybersecurity, creating dedicated departments, strengthening staff skills, developing regulatory frameworks, educating civil society, and never minimizing cyber risks, financial institutions can protect themselves from the ever-evolving threat of cybercrime.