Members of the business community are being warned that they can no longer rely solely on physical structures to secure and protect their properties, but must also seek to implement measures to secure their assets from sophisticated and technologically savvy cybercriminals.
This was emphasised by Attorney General and Minister of Home Affairs, Adriel Brathwaite, who said "Persons must be cognisant of the impact of technology as a threat to businesses and national security.?? A young hacker working from his bedroom as far away as Russia can potentially cause more damage to FirstCaribbean than a robber right here in Barbados."
He was speaking this morning at a Barbados Chamber of Commerce and Industry in association with Guardsman Barbados Limited seminar entitled: Business Security – Minimising the Risk at Hilton Barbados.
The Attorney General told those gathered that "just as you employ private security to maintain your physical infrastructure, you must utilise electronic security and measures of various sorts to protect your data whilst in many cases still making e-commerce possible, that is, giving the public access to your information."
He further noted that the private and public sectors must be strengthened by seeking joint partnerships, as well as the sharing of timely and relevant information. He added that where possible, private security individuals should be trained with members of the police force, so they could be better equipped to assist in the detection, if not prevention, of criminal acts.
"Many business owners take too many personal risks and expose their staff unnecessarily.?? I see this too often when conducting appeals for firearm licenses.?? Many individuals seem to believe having a gun is preferable to employing cash intransit facilities and have no idea of the costs involved in employing G4S, Guardsman or other service providers," Mr. Brathwaite stated.
The Attorney General was also quick to point out that "the security of financial assets and the operational financial environment was also a critical consideration which must be reinforced by the existence of an appropriate suite of legislation.
"The Government of Barbados has been careful to enact and to amend where necessary, various pieces of legislation including the Income Tax Act Cap.73, the International Business Companies Act Cap.77, the Income Tax (Amendment) Act, 2010-11, the Exempt Insurance Act Cap.308A, the Insurance Act Cap.310,
the Societies with Restricted Liability Act Cap. 318B and the International Financial Services Act Cap.325…
[To this end] the Central Bank of Barbados and the Financial Services Commission are reviewing the various pieces of legislation which they administered to ensure that our regulatory framework can withstand international best practices," he said.