Cyber Risk: The “Little Spoken of” Risk to the Caribbean and its Institutions

As noted by industry specialists and practitioners, Latin America and the Caribbean (LAC) has become a new frontier for cyber-attacks and crime at an estimated cost of around US$100 billion per year. (IDB 2017 report)

The Cipher Brief, a digital, security-based platform that connects the private sector with the world’s leading security experts, recently noted that twelve percent of DDoS attacks now target the LAC region and that the number is escalating. It is also the case that there has been a dramatic rise in the number of people, including tourists, with access to Internet-connected devices, potentially increasing national vulnerabilities. 

We believe that this increase in vulnerability (year on year) is now an increased existential risk to the countries/people/institutions of the Caribbean

Although governments and a number of international agencies who met in St Lucia in March signed off on an action plan to strengthen regional cooperation in areas such as training, legislation, technical capacity, and law enforcement, we all know, as with so many matters in the Caribbean, the challenge is not in understanding the nature of the threat, but with implementation. But while we deliberate, plan, and review, bad actors are penetrating our defenses.

Given the above-increased exposure/threat:

• What is your institution doing to strengthen its IT infrastructure?
• Are you in a “wait and see” mode?
• Have you conducted impact analyses as part of your scenario planning?
• What are you doing to enhance the risk intelligence/mindset of your IT employees?

Stay proactive and anticipatory.