Cyber security identified as major threat to business

Top Business executives from the financial sector met to discuss the increasing threat of cyber crime and the technology solutions available to address the threat and enhance their network security. The discussions were the first of a series of industry round table discussions organized by Columbus Business Solutions.  This session, held under the theme "Leveraging Innovative Technological Solutions for the Financial Sector" included panel presentations by top industry experts and a live hack demonstration by Martin Voelk of Cyber 51, highlighting the nature of network vulnerabilities in the industry.

Cyber crime is a major driver behind financial fraud, which has reportedly amounted to over $2 billion in Jamaica over the last four years, according to the police. Government statistics reveal that more than 1,000 websites have been hacked, including those run by the state, between 2011 and 2012. What's more, the Cyber Crime Unit in the office of the Director of Public Prosecution last month revealed that there have been a staggering 88 cases of third party, debit card and credit card fraud since the start of the year.

In his presentation to the attendees, Livingston Morrison, Deputy Governor for Bank of Jamaica  reiterated the importance of  technology for network security  saying  “Financial institutions must invest heavily in technology in order to operate in the domestic financial system and to maintain a competitive financial posture in the marketplace. The facilitation of appropriate technologies facilitates the regulatory process in several ways; preserving data integrity, early warning system with triggers and notifications, business intelligence with predictive analytics are just a few.”

Gilbert Perez, Territory Manager for Fortinet a  leading global network security provider, cautioned that companies operating in the Caribbean should be aware of their vulnerability to cyber threats. “Many companies and small businesses may think security is something that doesn’t affect them because they are in the Caribbean. However, as more companies in the rest of the world are starting to strengthen their network security making it more difficult for hackers to get access to their network assets, they are looking at other more vulnerable destinations, some of which are in the Caribbean,” he said.

Fortinet has partnered with Columbus Business Solutions to deliver cost effective cloud based network security solutions. “Columbus is a managed security service provider and in partnership with Columbus we can deliver the solutions that can be provided as a service through the cloud, protecting customers from the higher costs associated with the investment to deploy the hardware and systems to deliver the network security,” said Perez.

“This Round Table is the first in a series to facilitate dynamic discussion in specific sectors, to help advance the goals of enhancing business efficiency and maximizing profits,” said John Clear, Vice President for Columbus Business Solutions, which is operated by Columbus Communications Jamaica Limited. “The issue of cyber security is very topical and worthy of continued investment and attention.  We’ll continue to hold these discussions for cloud infrastructure, business continuity and other cloud services,” he continued.

Ingrid Riley, social media strategist attending the round table commended the initiative.  “The discussions today presented both the business and technical side of the issue of cyber security, bringing more awareness about the possibilities of doing business in the digital age and how to be proactive about protecting our networks.”

Participants at the round table discussion included industry leaders, academia and policy makers, who presented different views on the application of technology and the regulatory framework needed to address the growing problem of Internet-related crime. Among the presenters at the forum were The Honourable Phillip Paulwell, Minister of Science, Technology, Energy and Mining;  Dennis Chung, CEO of the Private Sector Organization of Jamaica, Livingstone Morrison Deputy Governor at the Bank of Jamaica, Dr Thomas Thompson Senior Director for Fiscal Services,  Claudette Crooks-Collie, President, MoneyMasters Jamaica and Sheldon Powe, Chief Information Officer for Jamaica Money Market Brokers, Columbus Business Solutions provided a comprehensive range of Business Class ICT solutions for SME, Enterprise and Government clients across the Caribbean and Latin America.