Port of Spain, Trinidad & Tobago, October 31, 2023 – In a recent article published by Ryan Hamilton-Davis from Trinidad and Tobago Newsday, the importance of businesses reporting incidents of cyberattacks is emphasized, underlining the critical role it plays in bolstering cybersecurity. Ricky Duman, Director of Pre-Sales Engineering at Digital Era Group, delivered these insights during his presentation at the AMCHAM HSSE Conference held at the Hyatt Regency, Port of Spain.
Duman stressed the significance of disclosing cyberattacks, highlighting that international companies that fail to do so often encounter various problems, and in some cases, even face legal action. "Not every business does it," he noted. "They should, but they don't."
There are two primary reasons for reporting cyberattacks, according to Duman. The first is the presence of personal information, such as credit card details or personal home information, which necessitates reporting. "Every country in the world is forming some sort of regulation to address that," he stated.
The second reason focuses on enhancing collaboration between businesses and cybersecurity companies. Duman explained that notifications of attacks not only raise awareness of the tactics used by hackers and scammers but also contribute to the fight against cybercrime. He discussed a concerning trend called "business email compromise," a phishing strategy where scammers pose as trusted figures to deceive businesses into making fake payments or disclosing sensitive information.
For instance, hackers might send fraudulent emails to a company's CFO, requesting the transfer of a substantial amount of money to a new bank account. Duman emphasized that proper notification and collaboration with the authorities can lead to the recovery of stolen funds and bring hackers to justice.
During the panel discussion, titled "The Business of Cybersecurity," the topic of mandatory reporting of cyberattacks within 72 hours in the Caribbean, including Trinidad and Tobago, was explored. While the private sector doesn't need to report breaches, it is highly encouraged, as it enhances customer and shareholder confidence in the company.
Duman also mentioned that companies in the United States have faced legal action for failing to report cybersecurity incidents, highlighting the serious consequences of non-disclosure.
The importance of this message is underscored by recent cybersecurity incidents in Trinidad and Tobago, including an attack on the Attorney General's office and a malware attack on the supermarket chain Massy Stores. Such incidents demonstrate the pressing need for robust cybersecurity practices and transparency.
In a separate session, Gareth Lock, founder of Human Diver, stressed the importance of learning from mistakes in the workplace. He argued that rather than solely focusing on accident-free records, leaders should place greater emphasis on fostering a culture of learning and improvement. Acknowledging and learning from mistakes, he noted, is fundamental for adapting and progressing as an organization.
Additionally, Ronald Adams, CEO of Atlantic LNG, emphasized the need to strike a balance between adhering to procedures and being flexible and adaptable. He highlighted the importance of revisiting procedures before incidents occur, thus preventing potential vulnerabilities.
In a rapidly evolving digital landscape, these insights from cybersecurity professionals and business leaders underscore the urgency of proactive cybersecurity measures and a culture of continuous improvement. Reporting cyberattacks is not just a compliance requirement; it's a vital step towards safeguarding businesses and individuals from the ever-evolving threats in the digital realm.
Link to the original publication from Trinidad and Tobago Newsday: https://newsday.co.tt/2023/10/31/cybersecurity-professional-report-cyberattacks/
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