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Cybercrime Threats Pose Significant Risk to Trinidad and Tobago’s Financial Institutions

A recent technical assistance report has highlighted the urgent need for financial institutions in Trinidad and Tobago to bolster their cybersecurity measures against growing threats.

Urgent Need for Cybersecurity Measures

The report, released by [insert organization], found that the Central Bank of Trinidad and Tobago (CBTT) is taking steps to strengthen its cybersecurity governance, but there are still significant concerns that need to be addressed. One major concern identified by the report was the commingling of IT governance responsibilities with the second line of defense, which can create a conflict of interest.

Additional Concerns

• Resource constraints
• Inadequate reporting practices
• Fragmented regulatory environment on cyber, with instructions scattered throughout several guidelines

These concerns are particularly concerning given the growing threat of cybercrime in Trinidad and Tobago. In recent years, the country has experienced a significant increase in cyber attacks targeting financial institutions, resulting in losses estimated to be in the millions.

Recommendations for Strengthening Cyber Posture

To address these concerns, the report made several recommendations aimed at strengthening the cyber posture of the CBTT and the financial institutions it supervises. These include:

• Conducting regular risk-based onsite examinations
• Setting up offsite supervision capabilities
• Drafting a dedicated guideline on cyber risk regulation

Urgent Action Required

The report’s findings are likely to send a warning shot across the bows of Trinidad and Tobago’s financial institutions, which must now take urgent action to protect themselves against the growing threat of cybercrime.