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

Author: International Monetary Fund. Monetary and Capital Markets Department

Technical Assistance Report-Strengthening Cybersecurity in Financial Institutions

Volume/Issue: Volume 2023 Issue 161

Publication date: May 2023

ISBN: 9798400240249

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Topics covered in this book

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Labor , Finance , Money and Monetary Policy , International - Economics , cybersecurity governance , Cybersecurity governance assessment , cybersecurity policy , control environment , pension firm , Cyber risk , Pensions , Insurance , Payment systems , Financial sector , Global

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Summary

At the request of the CBTT, a TA mission on strengthening cybersecurity in financial institutions was delivered during the period October 31–November 4, 2022. The Governor requested the TA during the 2022 Spring Meetings and the deliverables for the mission and the milestones were identified by having a dialogue with the authority. The mission had two objectives: (i) to strengthen the cybersecurity of the financial institutions under the supervisory ambit of CBTT and (ii) to improve the cybersecurity stance of the CBTT. For the project for strengthening cybersecurity of the Central Bank an internal project team has been constituted. For strengthening cybersecurity of financial institutions, the CBTT has established a working group comprising all the financial regulators (namely, the CBTT, Trinidad and Tobago Securities and Exchange Commission (TTSEC), the Financial Intelligence Unit of Trinidad and Tobago (FIUTT), and the Office of the Commission of Cooperative Development (CCD) to draft a cybersecurity guideline for financial institutions and a supervisory manual.