Trinidad and Tobago: Technical Assistance Report-Strengthening Cybersecurity in Financial Institutions

International Monetary Fund

No 2023/161, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note evaluates strengthening cybersecurity in financial institutions of Trinidad and Tobago. The deliverables included a capacity-building seminar on regulation of cyber risk. The Central Bank of Trinidad and Tobago identified the need for filling regulatory gaps and desires to issue a focused guideline on cybersecurity covering governance, risk management, incident reporting, and cyber hygiene, and intends to develop a draft guideline for consultation with its regulated institutions in the first quarter of 2023. Supervisory arrangements for Information and Communication Technology/cyber risks need further improvements and resource constraints within Financial Institutions Supervision Department need to be addressed urgently. The Identity and Access Management project has been formally set up and is now in Phase 1, which is considered preparatory. The governance of the project, the high-level roadmap, and the deliverables for Phase 1 are generally in line with good practices. It is recommended to establish regular cybersecurity meetings and reporting regime at the Board level with the participation of the Head of IT Security.

Keywords: cybersecurity governance; Cybersecurity governance assessment; cybersecurity policy; control environment; pension firm; Cyber risk; Pensions; Insurance; Payment systems; Financial sector; Global (search for similar items in EconPapers)
Pages: 23
Date: 2023-05-08
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