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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. Information Technology (IT) governance responsibilities comingled with the second line of defense, resource constraints, information security function reporting to IT function, and less focus on payment systems other than SWIFT were some of the concerns identified by the Mission. The Identity and Access Management (IAM) project is in the preparatory stage, and the project arrangements were comparable to good practices observed elsewhere. 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. The seminar on cyber risk regulation contributed to building capacity to draft a guideline on the topic. Supervisory practices pertaining to cyber risk need strengthening with focus on addressing resource constraints, conducting regular risk-based onsite examinations, and setting up offsite supervision capabilities. The mission recommendations focused on strengthening the cyber posture of the CBTT as well as the financial institutions supervised by CBTT.

Money and Monetary Policy --- International Economics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary economics --- International institutions --- Monetary policy --- International organization --- International agencies --- Trinidad and Tobago

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This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.

Information and Market Efficiency • Event Studies • Insider Trading --- Capital Budgeting • Fixed Investment and Inventory Studies • Capacity --- Banks and Banking --- Capital and Ownership Structure --- Computer security --- Cyber risk --- Economic sectors --- Finance --- Finance: General --- Financial Institutions and Services: General --- Financial regulation and supervision --- Financial Risk and Risk Management --- Financial risk management --- Financial sector policy and analysis --- Financial sector stability --- Financial sector --- Financial services industry --- Financial services law & regulation --- Financing Policy --- General Financial Markets: Government Policy and Regulation --- Goodwill --- Industries: Financial Services --- Information technology in revenue administration --- Information technology --- Online Safety & Privacy --- Operational risk --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Security measures --- Taxation, Subsidies, and Revenue: General --- Technology --- Value of Firms --- United States

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The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.

United States --- Macroeconomics --- Money and Monetary Policy --- Economics: General --- Online Safety & Privacy --- Finance: General --- Industries: Financial Services --- International Economics --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Technological Change: Choices and Consequences --- Diffusion Processes --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: General --- International Agreements and Observance --- International Organizations --- Economic & financial crises & disasters --- Economics of specific sectors --- Computer security --- Finance --- International institutions --- Financial regulation and supervision --- Technology --- Financial sector policy and analysis --- Economic sectors --- Cyber risk --- Financial sector stability --- Financial sector risk --- Financial stability assessment --- Financial sector --- Financial risk management --- Information technology --- Security measures --- Financial services industry