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Cybersecurity Threats Top Concern for Financial Institutions in Netherlands Antilles

The Centrale Bank van Curaçao and Sint Maarten (CBCS) has identified cyber risk as a major concern for financial institutions in its 2024 Financial Stability Report. In response, the monetary union’s financial institutions are increasing their efforts and expenditures to boost their cyber resilience.

Growing Concerns about Cyber Attacks

In recent years, Caribbean financial institutions have faced an onslaught of cyberattacks and digital disruptions, resulting in severe financial damage and a decline in public confidence in the financial system. Local institutions report that they are increasingly concerned about the threat of cyber attacks, with many investing heavily in IT security to counteract this growing risk.

CBCS Prioritizes Cyber Resilience

The CBCS has made cyber resilience a key priority in its strategic agenda, developing a roadmap for cybersecurity for financial institutions in the monetary union. The roadmap aims to strengthen business continuity management systems so that institutions can recover more quickly from potential attacks. To achieve this goal, the Provisions and Guidelines for Business Continuity Management have been updated according to the ISO 22301:2019 standard.

Next Steps

Next steps will include issuing the Provisions and Guidelines for Cyber Security and providing training to supervised institutions. Following the completion of the first phases of the roadmap, the CBCS will introduce stress testing to help identify cyber-related vulnerabilities within financial institutions.

Financial Stability Report Highlights Risks and Resilience

The CBCS’ Financial Stability Report aims to inform the public on the state of the financial system in the monetary union of Curaçao and Sint Maarten. The report highlights the risks facing financial institutions, including escalating geopolitical conflict and global financial conditions. Banks, pension funds, and insurance companies continue to monitor risks such as asset quality, volatile markets, and rising reinsurance costs due to climate risk.

Conclusion

Despite these challenges, the financial sector has demonstrated continued resilience and increasing adaptability, according to the report. For more insights into the state of the financial sector in Curaçao and Sint Maarten, readers are invited to access the latest FSR on the CBCS website at https://www.centralbank.cw/publications/financial-stability-reports/2024.