Caribbean Life published a post on January 14, 2020, about the call for global response to cybersecurity threats. Here’s a quick summary just for you.
Last March, Operation Taiex resulted in the arrest of the mastermind behind the Carbanak and Cobalt ransomware attacks on more than 100 financial institutions across the world. This operation included the Spanish national police, Europol, FBI, Romanian, Moldovan, Belarusian, and Taiwanese law enforcement authorities, as well as private cybersecurity firms.
- We need to be as fast and globally integrated as criminals to create a cyber-secure world. It will not be enough to confront the global threat with local resources.
- The private industry has taken the initiative in many areas, such as establishing technical and risk management guidelines, setting up information sharing forums and, spending considerable resources.
- International bodies, including the team of 7 Cyber Experts and the Basel Committee, are building awareness and defining best practices for financial sector supervisors. First, we need to develop a better understanding of the risks: the source and nature of the threats and how they could have an impact on financial stability.
- The exchange of information between the private and public sectors needs to be improved, for instance, by reducing obstacles to banks reporting problems to financial managers and law enforcement agencies.
- Because cyber-attacks can come from anywhere in the world or from many places at once, crisis response protocols need to be formulated across regions and globally.
- Many depend on financial services or correspondent lines provided by global banks for financial connections. The group of 7 countries has made an excellent start to building cooperation on cybersecurity, but this initiative needs to be expanded to each and every region. Here the International Monetary Fund (IMF) can play an important role.
- With a much wider representation than many other standard-setting institutions, the IMF has the capacity to raise the concerns of emerging markets and developing countries to a global level.
Contributed by: Sabrina Shim from Jamaica. Sabrina is a member of the WISC Discord group from the G5 Cyber Security Foundation Ltd. Learn more about WISC (Women in InfoSec Caribbean) at wiscaribbean.org. WISC is a non-profit initiative supporting Caribbean women and girls to develop a career in Information Security.