Here is the rewritten article in Markdown format:

Cybercrime on the Rise: Financial Institutions in Trinidad and Tobago Urged to Strengthen Cybersecurity Measures

Trinidad and Tobago is facing a growing concern regarding cybercrime, as highlighted by a recent technical assistance report by the International Monetary Fund (IMF). The Central Bank of Trinidad and Tobago (CBTT) requested assistance from the IMF to enhance its own cybersecurity posture, as well as that of financial institutions under its supervision.

Key Findings

• Cybercrime is a growing concern in Trinidad and Tobago, with vulnerabilities identified in the country’s financial sector.
• The report noted that cybersecurity governance at the CBTT is generally in line with international best practices, but highlighted several areas for improvement:
  • Address weaknesses in the governance process
  • Improve Board-level discussions
  • Increase resources dedicated to cybersecurity

Recommendations

• Define and implement the IAM project (aimed at enhancing identity and access management) with adequate resources
• Take a phased approach to ensure good governance practices are followed
• Draft a focused cybersecurity guideline based on international best practices and seminar inputs
• Allocate sufficient resources to improve supervisory intensity and practices, and address resource constraints faced by financial institutions

Building Supervisory Capacity

The IMF highlighted the importance of building supervisory capacity to effectively supervise cybersecurity in regulated institutions. To achieve this:

• Regular risk-based onsite examinations should be conducted
• Offsite supervision capabilities should be set up

Conclusion

In light of these findings and recommendations, it is clear that financial institutions in Trinidad and Tobago must take immediate action to strengthen their cybersecurity measures to protect themselves from the growing threat of cybercrime.