PORT OF SPAIN, Trinidad and Tobago, April 22, 2019 (CMC) – The Central Bank of Trinidad and Tobago (CBTT) says it is conducting a survey, to determine the adequacy of financial institutions’ cyber security frameworks to ascertain security measures, currently in place, by institutions to lower the risk of loss.
The CBTT said that it has taken note that cyber risk has become a key operational risk-impacting licence, 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.
The Bank said it’s IT systems “also have multiple points of contacts with outside parties that can result in significant vulnerability to cyber-attacks”.
It also added that these could allow for entry points of attacks, “targeting other parts of the financial system”, and noted that financial institutions are also 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.”