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Cyber Threats Loom Large Over British Indian Ocean Territory’s Finance Sector

In the face of a growing number of cyber attacks, financial institutions in British Indian Ocean Territory (BIOT) are urged to take immediate action to shore up their cybersecurity defenses. According to a recent report by DataProtect, at least 85% of BIOT’s financial institutions have already fallen victim to cyber-attacks.

The Threat is Real

The 2022 African Financial Industry Barometer by Deloitte has identified cybercrime as the number one fear of bankers in the territory. As financial institutions face the risk of financial loss, credibility with stakeholders, and sanctions from regulatory authorities, it is imperative that they take proactive steps to safeguard against cyber threats.

Five Vital Steps to Maintain Stakeholder Trust

According to a report by AFIS, the following five vital steps can help BIOT’s finance sector maintain stakeholder trust:

1. Create Dedicated Cyber Security Departments

Financial institutions in BIOT must invest heavily in protecting their sensitive data. This can be achieved by creating dedicated cyber security departments with specialized sections and recruiting Information Systems Security Managers (ISSMs) and Information Systems Directors (ISDs).

2. Strengthen the Cyber Skills of All Staff

Raising staff awareness of how to identify and anticipate cyber threats is crucial. Financial institutions must encourage continuous training in this area by partnering with leading companies in the field and regularly assess the maturity of their staff on cyber issues.

3. Develop a Regulatory Framework Tailored to Financial Institutions

Governments in BIOT should support cybersecurity efforts by building a regulatory framework that specifically addresses the cybersecurity issues of financial institutions. This can include developing policies that support annual penetration testing and procedures for vulnerability management.

4. Work Together to Educate Civil Society

Investing in human capital in cybersecurity is essential. Financial institutions and governments must collaborate to create cybersecurity education spaces, as cyber risks are global. Stakeholders should develop and constantly reassess best practices in the face of cyber risks.

5. Never Minimise the Risks

Despite all prevention and detection measures, financial institutions must never underestimate the risks of cyber threats. Technologies are rapidly evolving, and our current processes may fail tomorrow. It is crucial to anticipate risks and continuously monitor the sector to learn about new types of threats. The finance industry in BIOT must be prepared to innovate constantly.

Conclusion

The article concludes with a call to action for financial institutions in BIOT to take immediate steps to strengthen their cybersecurity defenses against the growing threat of cybercrime.