Financial Crime World

Cybercrime on the Rise in Trinidad and Tobago’s Financial Institutions, Warns Report

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A recent technical assistance report has sounded the alarm about the growing threat of cybercrime in Trinidad and Tobago’s financial institutions. The report, published by an international organization, focuses on strengthening cybersecurity measures in the country’s banks.

Cybersecurity Governance Framework

According to the report, the Central Bank of Trinidad and Tobago (CBTT) has set up its cybersecurity governance framework in line with international best practices. This includes updated policies and procedures recently implemented. However, concerns were raised about:

  • IT governance responsibilities overlapping with the second line of defense
  • Resource constraints
  • Lack of focus on payment systems other than SWIFT

Strengthening Supervisory Practices

The report emphasizes the importance of strengthening supervisory practices to address cyber risk, including:

  • Conducting regular risk-based onsite examinations
  • Setting up offsite supervision capabilities
  • Implementing dedicated guidance on cybersecurity in the absence of clear instructions from regulatory bodies

Devastating Consequences of Cybercrime

Experts warn that if left unchecked, cybercrime could have devastating consequences for Trinidad and Tobago’s financial institutions, posing significant risks to customers’ data and funds.

Recommendations

The report recommends:

  • Bolstering the cyber posture of the CBTT as well as the financial institutions it supervises
  • Building capacity among regulators to draft guidelines on cybersecurity regulation
  • Prioritizing strengthening cybersecurity measures in the country’s financial institutions

Conclusion

Addressing these concerns is crucial for ensuring the safety and stability of Trinidad and Tobago’s financial system. The report concludes that regulatory bodies must prioritize strengthening cybersecurity measures in the country’s financial institutions to prevent devastating consequences.