In response to the recent cyber attack which resulted in bank customers losing millions of dollars, the Bank of Jamaica BOJ says it has engaged players in the commercial banking sector to discuss steps that can be taken to reduce technology-based fraud.
The BOJ says it recognizes that the increased reliance on technology for financial services has resulted in increasing cyber and social engineering attacks locally.
It says it has therefore incorporated more robust reviews of banks and other licensees under the banking services act, using data analytics to assist with faster identification of gaps in systems and measures that could pose a risk for criminal activity including cyber-attacks.
It also notes that banks and other licensees are required to have in place effective mechanisms and system controls to protect and mitigate against the risk of cyber-attacks and other fraudulent activities.
BOJ says given the evolving nature of the cybercrimes landscape, the licensees’ board and management are expected to be proactive in managing this risk.
