Financial Crime World

Cybercrime Gap Looms Large in Bahamas’ Financial Sector

The Bahamas must address gaping holes in its legal and regulatory framework to effectively combat cybercrime and strengthen the country’s Computer Incident Response Team (CIRT), warns expert Sametria McKinney, national CIRT manager and head of information security at the Central Bank of The Bahamas.

Lack of Necessary Instruments

According to McKinney, the Bahamas lacks the necessary instruments to support a robust cyber security response in the event of a major attack. This means that the CIRT cannot tackle this problem alone and requires stronger legislation to deal with cybercrime incidents.

Need for Stronger Legislation

  • The CIRT needs partners at every level, including national, sub-regional, regional, international, and experienced experts
  • The team has designed and proposed a strategic committee and identified high-level critical action items, but the strategy has yet to be officially approved

National CIRT Strategy in Development

While a national CIRT strategy has not been fully developed, McKinney revealed that pieces of the plan are being piloted. The team is focusing on:

Key Areas of Focus

  • Identifying and protecting critical infrastructure through legislation
  • Prioritizing financial services industry infrastructure, public sector institutions that store sensitive data, and establishing clear guidelines for recognizing cyber incidents
  • Education on incident prevention methods to prevent cybercrime in the first place

Growing Threat of Cybercrime

The warning comes as the Bahamas grapples with the growing threat of cybercrime, which can have devastating consequences for the country’s financial sector and national security. As the CIRT continues to work towards strengthening its capabilities, it remains unclear when a comprehensive strategy will be implemented.

Regional Partnerships

  • The CIRT has engaged with regional partners such as CARICOM IMPACS and local agencies responsible for critical infrastructure
  • Establishing partnerships is crucial in addressing cybercrime threats