There is a critical need for cyber security scrutiny of local merchants to a level comparable with audits of financial institutions in order to avoid or minimise data breaches which occur at third party transaction points.
This was one of the suggestions coming out of this year’s Domestic Financial Institution Conference on Wednesday, hosted by the Central Bank of Barbados and held under the Managing Cybersecurity Risk in the Financial Sector.
Panelists Ryan Greaves, Chief Technology Officer at the City of Bridgetown Cooperative Credit Union (COB) and Patricia Rowe-Seale, Director of Enterprise Security, Fraud and Supplier Risk Management at CIBC FirstCaribbean Bank, made the suggestion during a wide-ranging discussion, while calling for a national education campaign on the issue of cyber security.
They explained that a recent data breach, which occurred at merchant and affected several customers of financial institutions here, was an indication of the need for greater oversight at this level.
Greaves agreed that in light of the proliferation of mobile apps, online businesses and digital payment methods in recent times, the risk of cyber security breaches was heightened.
“I…
