Cybersecurity Measures Against Financial Crime in Trinidad and Tobago Urgently Needed, Report Reveals

A recent technical assistance report has highlighted the urgent need for strengthened cybersecurity measures against financial crime in Trinidad and Tobago. The report, released by a leading international organization, focuses on strengthening cybersecurity governance in the country’s financial institutions.

Key Concerns Identified

The report identifies several concerns that need to be addressed:

• Information technology (IT) governance responsibilities are combined with the second line of defense
• Resource constraints exist within financial institutions
• There is a lack of focus on payment systems other than SWIFT
• The Identity and Access Management (IAM) project is still in its preparatory stage

Regulatory Environment

The report notes that:

• Instructions for cyber regulation are part of several guidelines in an indirect way, with no dedicated guidance on the subject
• The Central Bank of Trinidad and Tobago’s (CBTT) regulatory environment for cyber is marked by a lack of focus on payment systems other than SWIFT

Recommendations

The report’s authors recommend:

• Strengthening supervisory practices pertaining to cyber risk
• Addressing resource constraints
• Conducting regular risk-based onsite examinations
• Setting up offsite supervision capabilities
• Building capacity to draft a guideline on cyber risk regulation

Response from the CBTT

In response to the report’s findings, the CBTT has announced plans to enhance its cybersecurity posture and strengthen the financial institutions supervised by it. This move is crucial in preventing financial crimes and protecting the country’s financial system from cyber threats.

Access the Full Report

The full technical assistance report can be downloaded for free from the international organization’s website.