by Gerald Best

Electronic security threats levels are on the rise globally, and the stakes are getting higher.

Kaspersky Lab’s Global IT Risks Report (2014) estimated that, after a data breach, small and medium sized business could spend up to $22,000 on staffing, training, and systems. Larger enterprises could potentially spend up to an additional $59,000 on staffing, $35,000 on training, and $75,000 on systems, the report said.

The Caribbean is far from exempt. Computer networks in both the public and private sector are increasingly under attack by a variety of malicious sources, and successful attacks can cause physical damage, economic loss and other cascading effects that could disrupt services, communications or trade.

The engineering needed to strengthen the region’s digital defenses is not only technical but social, says Bill Woodcock, Executive Director of Packet Clearing House, a US-based non-profit research organisation. Speaking on cyber security at the recently held Grenada ICT Week, in St. Georges, Woodcock said the key is better information-sharing.

"One of the best strategies for governments and businesses to strengthened security is to share critical cyber security information, analyse vulnerabilities, verify emerging threats, and disseminate mitigation strategies," he said.

Information-sharing between governments, the private sector, law enforcement and the global Internet community is vitally important in mitigating the vulnerability of Caribbean critical Internet infrastructure to cyberattacks, he said.

Woodcock commended the work of the Caribbean Network Operators Group (CaribNOG) and the Caribbean Telecommunications Union in creating greater awareness about cyber security issues across the region.

“Threat information sharing has been a challenge for governments and private sector for years," said Stephen Lee, CEO of ArkiTechs Inc and a cybersecurity expert at CaribNOG. “Information in cyber security is continuously evolving so even short delays in sharing information can be harmful.”

The volunteer-based CaribNOG group has staged a series of workshops and public awareness events to help organizations and network administrators across the region tackle the increasing barrage of cyber threats and attacks.

Countries, particularly in resourced constrained developing regions, are only just beginning to understand the complex, cross-border nature of the challenge being faced, and the damaging consequences, Woodcock explained.

“As government networks, financial institutions and even small business come under attack, the urgency to train personnel, strengthen computer systems and update antiquated laws and policy is becoming apparent.”

Going forward, trust will play an important role in information sharing, said Woodcock.

"It requires trust on both parts—on the government to disclose information as expediently and consistently as possible, as well as trust on private companies receiving information to share some of their intelligence with governments and public-good security agencies like CaribNOG, so that solutions and safeguards can be implemented more efficiently."