Cyberattack Possibilities Elevated in Trinidad and Tobago

  • While data on cyber risks in Trinidad and Tobago are limited, evidence and public reports suggest that firms have been experiencing various types of cybercrime, including ransomware, phishing, and data breaches, leading to significant losses, according to the Central Bank of Trinidad and Tobago's (CBTT) latest financial stability report.
  • 'Trinidad and Tobago witnessed a surge in cyberattacks affecting public and private sector organisations in 2023. The country's increased adoption of digital technologies and the growing number of connected devices have amplified the vulnerability to such attacks. The Trinidad and Tobago Cybersecurity Incident Response Team of the Ministry of National Security reported a notable increase in successful attacks, particularly ransomware. Between 2019 and 2023, there were 205 successful cyberattacks, of which 52 occurred in 2023. Although specific details of the attacks were not available, some were publicly reported in 2023,' the Financial Stability Report 2023 stated.
  • The CBTT stated that this country's insurance sector appeared to be the main target of cyberattacks, with four insurance companies reporting incidents during 2019-2023.
  • 'These ranged from a ransomware attack in 2019, a malware attack in 2021, a data breach in 2022 involving less than 5% of accessed client-related information, and the detection of ongoing ransomware activity in 2023 with no evidence of data loss,' it stated.
  • The report stated that the increased digitalisation of financial services, and the rise in e-payments and e-commerce in Trinidad and Tobago have led to greater exposure to cyber risks and challenges.
  • Additionally, the report stated that financial institutions need to take steps to reduce their exposure to cyber risks, but that cybercrimes are constantly evolving and present an imminent risk to the financial industry's stability. Ultimately, the overall risk to domestic financial stability is characterised as 'elevated' given the pick-up in the number of cyberattacks and the ongoing expansion of the digital economy.

(Source: Trinidad Express Newspaper)