Financial Crime World

Cybercrime Lurking in Kiribati’s Financial Institutions, Authorities Warn

Threat to Kiribati’s Financial Sector

The tiny Pacific island nation of Kiribati is facing a growing threat from cybercrime, with financial institutions and authorities sounding the alarm over the lack of online banking and e-commerce systems in place. The Telecommunication Authority of Kiribati (TAK) has acknowledged that cyber security is not yet an issue in Kiribati, but warns that it’s only a matter of time before hackers target the country’s financial institutions.

Lack of Awareness and Infrastructure

According to sources within TAK, most people and government bodies are unaware of the existence of cyber crimes, citing the absence of online banking, shopping, and other e-commerce systems as the main reason. However, the Authority is considering setting up legislations to address the issue.

Workshop to Address Cybersecurity Concerns

To tackle this growing concern, TAK has organized an ICT Cyber Security Workshop, which aims to advise stakeholders on the framework and principles of cyber legislation, raise awareness, and encourage human resource development in the field. The workshop’s key objectives include:

  • Advising stakeholders on the adoption of ICT legislation
  • Arriving at a roadmap and model framework for cyber legislation suitable for Kiribati
  • Raising awareness
  • Encouraging human resource development

Expected Outcomes

The expected outcomes from the workshop include:

  • Identifying barriers to the implementation of cyber legislation in Kiribati
  • Drafting ICT policies related to cyber-security
  • Coordinating fragmented ICT and cyber-security projects towards establishing nationwide ICT and cyber legislations

Challenges and Solutions

However, TAK faces several challenges, including a lack of knowledge to draft cyber legislations and policies, as well as technical skills to identify and counteract cyber-related crimes. The Authority has appealed for assistance from international organizations, legal and technical advisors, and training programs to help build capacity in this area.

International Cooperation

The need for closer cooperation with regional and international bodies, such as:

  • Pacific Island Telecommunications Association (PITA)
  • International Telecommunication Union (ITU)
  • Asia-Pacific Telecommunity (APT)
  • AusCert
  • NZCert

is also emphasized.

Conclusion

Kiribati’s financial institutions and authorities warn that the country is not yet safe from cybercrime and urge swift action to address this growing threat. With the workshop set to take place in the coming months, stakeholders are expected to work together to develop a comprehensive plan to combat cybercrime and ensure the security of Kiribati’s financial sector.

Contact Information

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