As the Central Bank of The Bahamas (CBOB) prepares to roll out a Bahamian digital currency and assist in the creation of The Bahamas’ first credit bureau, the nation’s cybersecurity posture must be heightened, Central Bank Governor John Rolle asserted.
Rolle said nationally, stakeholders will have to begin assessing the strength of their infrastructure beyond just utilities, to include any type of infrastructure that is digital.
“It’s an area where I think there is development for the initiatives that we see happening in the financial services space. We believe that the national collective posture is going to have to coalesce so that we can deal with it,” Rolle said in an interview with Guardian Business.
“Because some of the cyber-related issues that one has to deal with on a national level would go beyond whether a single institution or entity is affected… So those are the kinds of areas where you can expect to see the security posture heightened.”
Rolle was responding to questions posed to him regarding the country’s most recent assessment by the International Telecommunication Union (ITU), which ranked The Bahamas 133 out of nearly 200 member states in terms of the country’s commitment to cybersecurity.
“I do believe that we will have to do a lot more in that area, but I am not going to take whatever that assessment is as a thorough picture of where we are. Because sometimes The Bahamas doesn’t fare well in these assessments simply because we do not provide enough data,” Rolle said.
“At the national level, it’s going to be that appreciation for how you protect your telecoms infrastructure or how you protect a government infrastructure that everybody draws on at some level or the other.”
Regionally, The Bahamas ranked 22, behind Jamaica, Antigua and Barbuda, Trinidad and Tobago, Barbados and St. Vincent and the Grenadines in the 2019/2018 Global Security Index.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News