TRINIDAD: Trinidad and Tobago’s Minister of Communication has called for the region to better address issues of cyber-security and information security in order to improve confidence in both investors and citizens.

Speaking at the a regional conference under the theme “Exploring Innovation in Transactions and Financing the Caribbean” last month, Maxie Cuffie indicated that as the internet and technological advances continue to reshape the way business is done the reality of increased economic crime continues to have a serious impact on the economy .

He says as such, cyber-security legislation and the proclamation of the Electronic Transactions Act and the Data Protection Act are back on the agenda as key deliverables of his Ministry.

“These two bits of legislation were designed to both modernise Government’s ability to accept electronic payments and protect those persons who provided their data to financial and other institutions.I give the financial community the assurance that this present administration will do what is necessary, what is opportune and what is left to be done to ensure that the IFC fulfils the mandate for which it was intended, and that Trinidad and Tobago assumes its place as the financial hub of the region.” Cuffiesaid.

He added that as cyberattacks continue to escalate, financial services sectors must begin to leverage and link innovative cybersecurity tools, through a cloud-enabled service.

Cuffie says the question the region must consider is if it is truly equipped to deal with the modern versions of cyber-crime. He says additionally, the regional authorities need to consider how they can position themselves in such a way that any such threat to the financial services sector in the region can be met with the requisite level of resistance.