Ransomware remains a growing threat to businesses and institutions in the Caribbean, while Artificial Intelligence (AI) is being used nefariously, says Managing Director of CariSec Global Inc. Edward Millington.
“AI is a range of coming technologies which everyone needs to be aware of and be prepared for,” he warned in an interview with Barbados TODAY.
The security specialist said cybercriminals were using AI to create code to bypass anti-virus software and specialised emails to commit criminal activities against governments, businesses and individuals,
The images of persons are being cloned and replicas of their speech patterns are used for fraudulent reasons, Millington said.
CariSec Global Inc. is behind a regional conference on November 10, which has as its topic, Anti-Money Laundering and Cybercrime. The conference will be held at the Sagicor Cave Hill School of Business and Management in person and online.
“We want to draw regional security awareness to a range of topics that critically affect us as a region as we fight cyber and money laundering crimes,” Millington told Barbados TODAY.
“Crime will always be here and because we are evolving our digital environments to remain globally competitive and customer-centric, our vigilance, due to our capabilities, must be exponentially developed.
“Understanding new and existing developments in money laundering and cybercrime, identifying approaches to mitigation and the controls that may be implemented are fundamental to addressing this growing concern and its potential impact on business continuity,” he said.
The conference is targeting various sectors, such as governments, legal, financial services, professional services, and individual business owners.
Millington said the Caribbean is regarded internationally as “high risk” for money laundering and other varying criminality which has led to some banks reducing their services or withdrawing from the region.
It was noted that the conference has already attracted a range of bookings including from the insurance and finance sectors, the security services and government agencies.
Regional governments have identified cybersecurity as a major threat to national security and business continuity. In late 2022, the Queen Elizabeth (QEH) computerised system was compromised, which resulted in access to patient information being temporarily halted.
“It is important for businesses and the average person to understand what cybercrime and money laundering in the emerging digital [world] look like and how they affect us, and why policies are needed,” Millington said.
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