CARICOM Chair Signals Focus on Cybersecurity Amidst Climate and Financial Concerns

As far back as 2017, the Inter-American Development Bank (IDB) identified critical measures to bolster cybersecurity in Latin America and the Caribbean, focusing on the financial sector. A key recommendation was adopting international security standards; notably, 68 per cent of banking entities in the region have implemented some form of cybersecurity framework, enabling structured approaches to managing and securing sensitive information while enhancing overall resilience.

Strengthening governance structures is another priority. The IDB reports that 72 per cent of banking entities provide boards of directors with regular updates on digital security risks, while 74 per cent have dedicated cybersecurity departments. This high-level oversight ensures cybersecurity remains a strategic focus. Additionally, while over 90 per cent of these entities have deployed basic security tools like firewalls and automated updates, only 51 per cent have adopted advanced technologies such as Big Data analytics or Artificial Intelligence for detecting threats. The IDB advocates integrating these tools to enhance threat detection and response capabilities.

Incident management and response are also emphasised, with at least 50 per cent of banking entities establishing strategies for managing and recovering from digital security incidents, while 88 per cent provide internal reporting mechanisms. Recognising the human element in cybersecurity, 82 per cent have implemented annual training and awareness programs to foster a culture of security and reduce vulnerabilities.

These measures offer a strong framework for enhancing cybersecurity practices in the region’s banking sector. However, they also hold significant relevance for regional governments.

Firstly, just as boards of directors are informed about digital risk, prime ministers must implement digital security governance structures within their respective countries. For example, Singapore’s Cyber Security Agency operates under the Prime Minister’s Office, ensuring centralised oversight and collaboration across sectors to protect critical infrastructure.

Secondly, the region remains under-resourced in cyber defense skills, necessitating greater capacity building and intelligence-gathering mechanisms. A key regional action item should be ensuring that all CARICOM members have a functioning Cyber Security Incident Response Teams (CSIRT) providing 24/7 support to citizens and government agencies. These CSIRTs could form a Caribbean Threat Intelligence Alliance, enabling real-time intelligence sharing, coordinated responses to regional incidents, and the development of standardised cybersecurity practices. This alliance would also foster partnerships with international cybersecurity organisations, aligning the region with global security standards.

Thirdly, cybersecurity awareness is not just important—it is essential for CARICOM’s economic and digital future. As I recently told a group of students, if a CARICOM state truly values an issue, there will be a dedicated reporting function or focal point for awareness and guidance. Without clear leadership and structured awareness programmes, the region remains vulnerable to escalating cyber threats. In an era where business, finance, and governance are increasingly digital, CARICOM must demonstrate its commitment by prioritising cybersecurity education, public awareness, and proactive policies. Establishing dedicated internal resources to drive regional cybersecurity initiatives is not optional—it is a necessity for resilience, investor confidence, and long-term digital security.

Steven Williams is the executive director of Sunisle Technology Solutions and the principal consultant at Data Privacy and Management Advisory Services.

He is a former IT advisor to the Government’s Law Review Commission, focusing on the draft Cybercrime bill. He holds an MBA from the University of Durham and is certified as a chief information security officer by the EC Council

and as a data protection officer by the Professional Evaluation and Certification Board (PECB).

Steven can be reached at Mobile: 246-233-0090; Email: steven@dataprivacy.bb