Cybercrime Threat Looms Large Over Trinidad and Tobago’s Financial Institutions

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A recent report by the International Monetary Fund (IMF) has highlighted the urgent need for Trinidad and Tobago’s financial institutions to strengthen their cybersecurity posture. The report, which focused on governance and Identity and Access Management (IAM) practices within the Central Bank of Trinidad and Tobago, identified several areas that require attention.

Concerns Identified

• Information technology (IT) governance responsibilities being combined with the second line of defense
• Resource constraints
• Lack of focus on payment systems other than SWIFT
• Regulatory environment for cyber risk lacking dedicated guidance

IMF Recommendations

To strengthen its supervisory capacity and address these concerns, the IMF recommended several measures:

• Address weaknesses in governance processes
• Improve board-level discussions
• Increase resources
• Adopt security hardening baselines
• Commission security reviews of payment systems

The report also emphasized the need for financial institutions to:

IAM Project Best Practices

• Define their IAM projects
• Coordinate with business units to define access roles
• Ensure adequate resources are allocated to project management
• Adopt a phased approach with good governance practices

Urgent Action Required

The IMF has urged Trinidad and Tobago’s financial institutions to take immediate action to strengthen their cybersecurity posture and address the identified concerns. Failure to do so could result in significant financial losses and damage to the country’s reputation.

Central Bank Response

In response to the report, the Central Bank of Trinidad and Tobago has announced plans to implement the recommended measures and enhance its supervisory capacity to better monitor and regulate cyber risk within the financial institutions under its supervision.