As cyber threats to financial institutions continue to be a key area of global concern, brokerage firm Barita Investments Limited said it has been intensifying efforts to fortify its IT security infrastructure.

Speaking at an investor briefing last Thursday, Chief Financial Officer Stephen Phillibert assured shareholders that the company remains vigilant and proactive in safeguarding both client data and the stability of its financial systems.

“In our industry we are among the most targeted — if not the most — simply by virtue of the fact that we have so much in terms of our financial assets and frequently conduct transactions in large volumes and value,” he said.

He emphasised that with cybercriminals becoming increasingly sophisticated, Barita has likewise prioritised building equally advanced capabilities on its side. As such, the company, he said, has not only strengthened its internal IT expertise but has also sought to retain globally recognised cybersecurity professionals on a contract basis to supplement its in-house team

Cyber-attacks on financial institutions are typically driven by motives such as financial gain, political agendas, espionage, and activism. During such incidents, attackers often aim to steal funds, commit fraud, access sensitive intellectual property, or disrupt services to erode public trust and confidence in the financial system.

As part of its ongoing tech strategy, Phillibert said Barita currently employs multiple layers of protection, including firewalls, encryption, access control, strong password protocols and multi-factor authentication, systems, which he said, are continuously reviewed and upgraded.

“We constantly test to see if these systems are robust so we do penetration tests and audits of our controls so as to ensure that we mitigate any weaknesses detected. Aside from the technological factors, we also have those on the human element which often times stands as the weakest link in cyber risk events. As a result, we are very serious about constant training and simulated attacks to see how our team responds and where we need to upskill and reinforce,” he noted.

Phillibert further underscored that Barita remains fully compliant with the Data Protection Act, and is duly registered with the Office of the Information Commissioner (OIC). To this end, the company, he said, has launched a group-wide initiative to align its systems and processes with the legislation.

Highlighting data protection as an ongoing effort and not just a one-time project, he said the company continues to evolve, because this mission of securing one’s system is never truly complete.

“It’s a continuous journey of improving our posture and adapting to new risks,” he stated.

PHILLIBERT…in our industry we are among the most targeted — if not the most — simply by virtue of the fact that we have so much in terms of our financial assets and frequently conduct transactions in large volumes and value