Financial Crime World

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Banking Compliance Best Practices in Trinidad and Tobago: Strengthening Cybersecurity Governance

The Central Bank of Trinidad and Tobago (CBTT) has been working to fortify its cybersecurity posture by implementing best practices in financial institutions across the country. A recent technical assistance report highlights the progress made by CBTT in strengthening its cybersecurity governance framework.

Cybersecurity Governance Framework

According to the report, CBTT’s cybersecurity governance is structured according to internationally accepted standards with updated policies and procedures recently introduced. However, several concerns were identified during the review process:

  • Lack of clear responsibilities for IT governance
  • Resource constraints
  • Insufficient focus on payment systems other than SWIFT

Identity and Access Management (IAM) Project

The report notes that the IAM project is currently in its preparatory stage, with arrangements being made to ensure compliance with good practices observed elsewhere.

Regulatory Environment

It was found that CBTT’s regulatory environment lacks a dedicated guidance on cybersecurity, with instructions instead being part of several guidelines in an indirect manner.

Recommendations

To address these concerns, the report recommends:

  • Strengthening supervisory practices pertaining to cyber risk
    • Conducting regular risk-based onsite examinations
    • Setting up offsite supervision capabilities
  • Building capacity among financial institutions supervised by CBTT to draft a guideline on cybersecurity regulation

Conclusion

The report underscores the importance of implementing best practices in banking compliance to ensure the resilience of Trinidad and Tobago’s financial sector against cyber threats. By strengthening its cybersecurity governance framework, CBTT can better protect its stakeholders and maintain public trust in the country’s banking system.

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