Cybersecurity Threats Loom Large for Guyana’s Financial Institutions

A Stark Warning: Cybercrime on the Rise in Guyana

President Mohamed Irfaan Ali has sounded the alarm on the rapid increase in cybercrime threats to Guyana, highlighting the nation’s vulnerability to online attacks. In his address at the University of Guyana’s 2023 Perry Center Award for Excellence in Security and Defense Education for Hemispheric Defense Studies, Ali emphasized that cybersecurity is becoming a major threat to the country.

The Growing Threat

Just five years ago, cybercrime was considered a low-level threat in Guyana. However, its intensity has increased significantly over the past two years. Ali cited recent tensions with neighboring Venezuela over the Essequibo region as an example of how real and pervasive cyber threats can be. He noted that even regional organizations like CARICOM have fallen victim to hacking.

The Risks are Real

As Guyana’s economy becomes more sophisticated and globally connected, its reach will also increase, making it a more attractive target for cyber attackers. Ali warned that these attacks are not just about stealing sensitive information but also about disrupting critical infrastructure and undermining trust in financial institutions.

• “Those who are attacking your information set are attacking it because they look at your reach, the reach of the country, and one must acknowledge that reach of Guyana is becoming more intense and we having greater position globally,” he said.
• “What we store, what information we have, what type of partnership we are having” all pose significant risks to Guyana’s economic security.

Addressing the Threats

Ali emphasized the importance of addressing cybersecurity threats and called on the University of Guyana and the Guyana Defence Force to develop training programs that equip individuals with the knowledge and skills needed to address these threats and protect the nation’s financial institutions from cyber attacks. He also highlighted other pressing security concerns facing Guyana and the region, including port security and gang violence plaguing Haiti.

Conclusion

The President’s warning serves as a stark reminder of the importance of prioritizing cybersecurity in Guyana’s financial institutions. As the country becomes increasingly connected to the global economy, it is essential that measures are taken to protect against cyber threats and ensure the nation’s economic security.