Financial Crime World

Barbados’ Financial Institutions Brace for Increased Cyber Threats: Experts Discuss Best Practices

A Panel Discussion on Managing Cyber Risk in Barbados’ Financial Sector

[City], [Date] – A panel discussion was co-hosted by the Central Bank of Barbados (CBB) and [Co-host]. The event brought together financial regulators, cybersecurity professionals, and a crisis communications expert to share insights on best practices for managing cyber incidents in Barbados’ financial sector.

Growing Threats in the Financial Sector

According to the CBB’s 2022 Financial Stability Report, the financial sector’s total assets grew by 10.5% in 2021, reaching BBD $597.6 billion. While this expansion is beneficial, it also makes the sector an attractive target for cybercriminals.

Importance of Multiple Layers of Security

[Cybersecurity Expert] emphasized the need for financial institutions to use multiple layers of security to protect against various cyber threats. He advised implementing:

  • Identity and access management
  • Email security
  • Multi-factor authentication

“A cyber attack is not a question of if, but when,” Cybersecurity Expert remarked. “Preparation is essential.”

Regulatory Compliance

[Regulatory Representative] discussed regulations enforced by the CBB and the Eastern Caribbean Central Bank (ECCB), which require financial institutions to protect clients’ information with appropriate cybersecurity measures.

“Compliance with cybersecurity regulations not only protects clients but also builds confidence in their financial information’s security,” Regulatory Representative said.

Crisis Communications

[Crisis Communications Expert] shared the importance of having a clear, consistent, and well-communicated crisis management strategy in managing the aftermath of a cyber attack. This approach can help organizations limit damage and maintain stakeholder trust.

“Prompt and effective crisis communications are essential in managing the aftermath of a cyber attack,” Crisis Communications Expert stated.

Prioritizing Cybersecurity

With the growing number and complexity of cyber threats, prioritizing cybersecurity in Barbados’ financial institutions is more crucial than ever. The panelists encouraged financial institutions to:

  1. Stay informed of the latest cyber threats.
  2. Implement best-in-class security measures.
  3. Maintain a culture of cybersecurity awareness.

The Central Bank of Barbados and [Co-host] will be hosting more events focused on cybersecurity, financial innovation, and financial literacy throughout the year. Stay tuned for more updates.