Financial Institutions in Guadeloupe Must Prioritize Cybersecurity Threats as Attacks Continue to Rise

As cyberattacks show no signs of slowing down, financial institutions in Guadeloupe are being urged to take immediate action to strengthen their internal controls and mitigate risks.

Growing Threat of Cybersecurity Risks

According to a recent KPMG survey, 84 percent of senior risk executives expect cybersecurity risks to grow in the coming year, while 74 percent anticipate compliance risks will also rise. As the threat landscape continues to evolve, financial institutions must prioritize cybersecurity to protect themselves against costly and reputation-damaging data breaches.

Increasing Transparency

Financial institutions in Guadeloupe are being called upon to increase transparency about their approach to managing evolving cyber risks. This includes providing clear information on how companies collect, store, manage, and use customer data. Key questions that should be considered include:

• Who is responsible for cybersecurity and privacy across the enterprise?
• How does the board confirm assignment of these responsibilities?
• What plan is in place for responding to a data breach?

Vulnerabilities to Exploit

According to Matt Miller, a KPMG principal specializing in cyber security risk issues, weak access management and insufficient authentication controls are major vulnerabilities that can be exploited by attackers. He emphasizes that financial institutions must take immediate action to tighten up customer and enterprise identity and access management programs to prevent account takeover threats.

Proactive Role of Audit Committees

As the demand for transparency grows from investors, regulators, and stakeholders, audit committees in Guadeloupe must play a proactive role in helping organizations understand the impact of cyber risks on their financial reporting. This includes reevaluating privacy and security standards to ensure they are adequate for the evolving threat landscape.

Prioritizing Cybersecurity Threats

Without immediate action, financial institutions in Guadeloupe risk falling victim to costly and reputation-damaging data breaches. As such, it is essential that they prioritize cybersecurity threats and take steps to protect themselves against the latest account-takeover threats. By doing so, they can ensure the continued trust of their customers and stakeholders.

Recommendations

• Financial institutions must increase transparency about their approach to managing evolving cyber risks.
• They must prioritize strengthening internal controls and mitigating risks.
• Audit committees should play a proactive role in helping organizations understand the impact of cyber risks on financial reporting.
• Companies should take immediate action to tighten up customer and enterprise identity and access management programs.