Central Bank conducting survey on cyber risk

Wednesday, April 24, 2019

Print this page Email A Friend!

PORT OF SPAIN, Trinidad (CMC) — The Central Bank of Trinidad and Tobago (CBTT) says it is conducting a survey to determine the adequacy of financial institutions' cyber security, to ascertain what security measures are currently in place by institutions to lower the risk of loss.

The CBTT said it has taken note that cyber risk has become a key operational threat impacting licences, given the high prevalence of cyber attacks on the networks of financial institutions.

“The financial sector is arguably more exposed to cyber risks than other sectors, given that it is IT-intensive and highly dependent on information as a key input. Licensees' use of technology includes greater levels of automation and integration with third-party service providers and customers,” the CBTT said, adding “bank IT systems also have multiple points of contacts with outside parties than can result in significant vulnerability to cyber attacks.”

It said also that these could allow for entry points of attacks “targeting other parts of the financial system”, noting also that financial institutions are additionally highly interconnected through the payment systems.

“The types of cyber attacks facing financial institutions are varied and range from data breaches, security incidents and privacy violations,” the CBTT said, adding that “to mitigate cyber attacks, financial institutions must implement appropriate monitoring and investigative systems, as well as consumer notification alerts.

“Further, the increasing cyber attacks on financial institutions have focused attention on the need to strengthen cyber security. As the threats and vulnerabilities of these events evolve, licensees are expected to enhance their security standards to mitigate against the increasing risk associated with these activities.”

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon