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Financial Institutions in Trinidad and Tobago Urged to Strengthen Cybersecurity Measures

A recent technical assistance report has highlighted the need for financial institutions in Trinidad and Tobago to improve their cybersecurity measures. The report, which focused on strengthening cybersecurity governance at the Central Bank of Trinidad and Tobago (CBTT), identified several concerns that need attention.

Key Concerns Identified

Commingling of Information Technology (IT) governance with the second line of defense
Resource constraints
Lack of focus on payment systems other than SWIFT

IAM Project and Guidelines

The report noted that CBTT’s Identity and Access Management (IAM) project is in its preparatory stage, but that the arrangements are comparable to good practices observed elsewhere. Additionally, while CBTT has instructions on cybersecurity as part of several guidelines, it lacks a dedicated guideline on the subject.

Recommendations for Strengthening Cybersecurity

To address these concerns, the mission made several recommendations aimed at strengthening the cyber posture of CBTT and the financial institutions supervised by it:

Strengthen supervisory practices pertaining to cyber risk
Focus on addressing resource constraints
Conduct regular risk-based onsite examinations
Set up offsite supervision capabilities

Capacity Building

The report also noted that a seminar on cyber risk regulation contributed to building capacity to draft a guideline on the topic.

Overall Objectives

The mission’s findings and recommendations aim to ensure that financial institutions in Trinidad and Tobago are better equipped to mitigate cybersecurity risks and protect their customers’ sensitive information. By implementing these recommendations, financial institutions can strengthen their cyber posture and provide a safer environment for their customers.