In the current global climate, cybersecurity is not merely an option but a necessity. This is especially true for the Caribbean, a region witnessing rapid technological growth. As cyber threats evolve, the need for robust board cybersecurity measures becomes imperative to protect sensitive information and maintain trust.
The Board Cybersecurity Landscape in the Caribbean
The Caribbean, with its vibrant economies and growing digital infrastructure, is unfortunately becoming a target from cybercriminals. The region has experienced a surge in cyberattacks, ranging from data breaches to ransomware attacks.
In late 2023 TSTT – Trinidad and Tobago’s largest telecommunications provider experienced a cyberattack resulting in the theft of personal data for over a million customers. Global hacker group disclosed they had launched a ransomware attack comprising six gigabytes of data including names, addresses, phone numbers and even social security numbers.
Another ransomware attack forced Massy Group, one of Trinidad and Tobago’s largest consumer goods and pharmaceutical suppliers, to close its stores. The attackers paralyzed the supermarket chain’s systems and exfiltrated 216 gigabytes of data.
The Caribbean islands are being hit particularly hard. There is a significant lack of cybersecurity governance, and a shortage of cybersecurity professionals coupled with rapid growth of the Caribbean digital economy.
The Role of Boards in Cybersecurity
Effective cybersecurity governance starts at the top. Board of directors play a critical role in ensuring that their organisations are resilient against cyber threats.
Here are 4 steps boards can take to strengthen cybersecurity in their organisation:
1. Prioritise cybersecurity at the board level
Cybersecurity should be a regular agenda item in board meetings. Boards must ensure that cybersecurity is integrated into the organisation’s overall risk management strategy and that sufficient resources are allocated to address cyber risks.
2. Develop a cybersecurity culture
A strong cybersecurity culture within the organisation starts with leadership. Boards should promote awareness and training programs to ensure that all employees understand the importance of cybersecurity and their role in protecting the organisation.
3. Implement comprehensive board cybersecurity policies
Boards must oversee the development and implementation of robust cybersecurity policies and procedures. This includes data protection measures, incident response plans and regular security audits to identify and address vulnerabilities
4. Stay informed and proactive
Cyber threats are constantly evolving, and boards need to stay informed about the latest trends and best practices in cyber security. Engaging with cybersecurity experts and participating in industry forums can help boards stay ahead of potential threats.
How Stellar Can Help With Board Cybersecurity
At Stellar, we understand the cybersecurity challenges faced by boards and organisations in the Caribbean. Our board and document management software can help strengthen your organisation’s cybersecurity by:
- Providing a secure environment for storing and sharing sensitive documents
- Access controls and manage permissions
- Utilising advanced encryption to protect data during transmission and storage
- Two-factor authentication
- Real-time activity monitoring
- Minimising the risk of human error
Want to find out more about board cybersecurity? Get in touch with us today!