Experts caution that threats from cybercriminals could intensify

A local cybersecurity expert is calling for a multi-layer approach to tackling cybercrimes, as officials warned that cyber threats are on the increase and could get a lot worse as the criminals become more sophisticated.

Founder and Managing Director of the Cyber Security and Management firm Carisec Global Inc., Edward Millington, has urged governments in the region to see cyber threats as a priority.

Acknowledging that small island developing states continued to be constrained by limited financial resources, he said that to effectively combat cyber and financial crimes, authorities should employ more strategic methods.

“To address these challenges, it is necessary to develop and enhance various types of risk-based security controls across the administrative, technical and physical domains. These involve a comprehensive approach that includes policies, procedures and technologies to safeguard against financial and cyberthreats,” said Millington.

“Ultimately, this will help to protect individuals, businesses and economies from the devastating consequences of these threats. In this digital age, cybercrime has become a major threat to humanity,” he said, adding that research has shown that cybercrime was among the top ten risks to humanity.

Millington suggested that authorities also employ countermeasures similar to those used in the financial services sector to effectively fight cybercrime, including “identifying and authenticating the customer, monitoring and detecting transaction and behavioural norms, and responding in order to mitigate risks and issues”.

His suggestions were made as he addressed the recent one-day regional Anti-Money Laundering and Cybercrime Conference at the Sagicor Cave Hill School of Business and Management.

Consultant Hallam Hope predicted that cyber threats could intensify within the region, as he urged businesses to put the necessary measures in place.

“The issue of cybercrime is a constantly evolving issue,” he said, warning that “things are going to get a lot worse and I think they need to be prepared”.

He added that regional governments should invest more in their police forces to better tackle the challenge.

“If I had any say, it would be to put the resources with the police forces. Give them the human resources, the financial resources, the technology resources to go after the cybercriminals,” Hope said.

In relation to anti-money laundering issues, he expressed frustration that the Caribbean continued to be negatively impacted by claims of non-compliance by international watchdog agencies, including the Financial Action Task Force (FATF). He said this was also a risk to small developing economies.

“Businesses doing global business have had their finances and their businesses restricted as a result of the FATF,” he complained. “This FATF is imposing restrictions on us that are, to my mind, not justified. So instead of finding money now to go and build bridges and fix pipes and make sure water isn’t brown, they have to now spend all these hundreds of thousands of dollars to comply with the FATF.”

Gerald Kennedy, Chief Executive Officer of Observatory Strategic Management, a risk mitigating consultancy firm, said a lot of companies continued to under-report cyber attacks, making it difficult to say exactly how many attacks were actually occurring.

He warned that cybercriminals are becoming more sophisticated.

“Cyber crimes are actually getting into the courtrooms, they are getting into the law firms, they are getting into policing . . . . The sophistication of the criminals is mind-boggling. They are remodelling businesses, they are talking to each other, and it is a major challenge for anti-money laundering,” he said, adding that some criminals were even able to take over databases and steal evidence, as he pointed to several examples in the United States and Europe.

The cyber insurance professional stressed the importance of stakeholders working together and urged companies and governments to invest in protection systems and qualified human resources. (MM)