{
  "title": "Trinidad and Tobago: Strengthening Cybersecurity in Financial Institutions",
  "publication": "High-Level Summary Technical Assistance Reports, April 17, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/high-level-summary-technical-assistance-reports/issues/2023/04/17/trinidad-and-tobago-strengthening-cybersecurity-in-financial-institutions-532437",
  "canonical": "https://www.imf.org/en/publications/high-level-summary-technical-assistance-reports/issues/2023/04/17/trinidad-and-tobago-strengthening-cybersecurity-in-financial-institutions-532437",
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  "summary": "This technical assistance report focuses on strengthening cybersecurity in financial institutions in Trinidad and Tobago. Cybersecurity governance at The Central Bank of Trinidad and Tobago (CBTT) is set up according to generally accepted practices with recently updated policies and procedures.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Technical assistance report focused on strengthening cybersecurity in financial institutions in Trinidad and Tobago.\n- Cybersecurity governance at The Central Bank of Trinidad and Tobago (CBTT) is set up according to generally accepted practices with recently updated policies and procedures.\n- The Identity and Access Management (IAM) project is in the preparatory stage; project arrangements were comparable to good practices observed elsewhere.\n- A seminar on cyber risk regulation contributed to building capacity to draft a guideline on the topic."
    },
    {
      "heading": "Key findings",
      "content": "- Governance and organizational issues\n  - Information Technology (IT) governance responsibilities were comingled with the second line of defense.\n  - The information security function reported to the IT function.\n  - Resource constraints were noted within CBTT.\n  - Less focus on payment systems other than SWIFT.\n- Regulatory environment\n  - CBTT’s regulatory environment on cyber is marked by instructions being part of several guidelines in an indirect way in the absence of a dedicated guidance on the subject.\n- Supervisory practices\n  - Supervisory practices pertaining to cyber risk need strengthening.\n  - Specific supervisory gaps include addressing resource constraints, conducting regular risk-based onsite examinations, and setting up offsite supervision capabilities."
    },
    {
      "heading": "Recommendations and mission focus",
      "content": "- Strengthen the cyber posture of CBTT.\n- Strengthen the cyber posture of the financial institutions supervised by CBTT.\n- Address identified governance weaknesses:\n  - Separate IT governance responsibilities from the second line of defense.\n  - Reconsider reporting lines for the information security function.\n- Advance the IAM project from preparatory stage following observed good-practice arrangements.\n- Develop dedicated cyber guidance/guideline drawing on capacity built from the seminar on cyber risk regulation.\n- Enhance supervisory capacity:\n  - Address resource constraints for supervision.\n  - Implement regular risk-based onsite examinations.\n  - Establish offsite supervision capabilities for cyber risk monitoring.\n\n---\n\n Content in this bundle\n\n- Trinidad and Tobago — Strengthening Cybersecurity in Financial Institutions\n  - Trinidad and Tobago — Strengthening Cybersecurity in Financial Institutions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Trinidad and Tobago — Strengthening Cybersecurity in Financial Institutions (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/high-level-summary-technical-assistance-reports/issues/2023/04/17/trinidad-and-tobago-strengthening-cybersecurity-in-financial-institutions-532437"
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    "Authors: Tamas Gaidosch, Rangachary Ravikumar",
    "Published: April 17, 2023",
    "Series: High-Level Summary Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798400237836.029",
    "Technical assistance report focused on strengthening cybersecurity in financial institutions in Trinidad and Tobago.",
    "Cybersecurity governance at The Central Bank of Trinidad and Tobago (CBTT) is set up according to generally accepted practices with recently updated policies and procedures.",
    "The Identity and Access Management (IAM) project is in the preparatory stage; project arrangements were comparable to good practices observed elsewhere.",
    "A seminar on cyber risk regulation contributed to building capacity to draft a guideline on the topic.",
    "Governance and organizational issues",
    "Regulatory environment",
    "Supervisory practices",
    "Strengthen the cyber posture of CBTT.",
    "Strengthen the cyber posture of the financial institutions supervised by CBTT.",
    "Address identified governance weaknesses:",
    "Advance the IAM project from preparatory stage following observed good-practice arrangements.",
    "Develop dedicated cyber guidance/guideline drawing on capacity built from the seminar on cyber risk regulation.",
    "Enhance supervisory capacity:",
    "**Trinidad and Tobago — Strengthening Cybersecurity in Financial Institutions**"
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