FINANCE Minister Colm Imbert said the private sector is being encouraged to invest in cyber security measures to protect themselves and their customers from attacks by cyber criminals who seem to be targeting different entities in Trinidad and Tobago.

He made this statement when he opened debate on the Finance Bill 2023 in the Senate on Tuesday.

One of the bill's provisions is the introduction of a cyber security investment tax allowance to companies that "incur expenditure in respect of investments made in cyber security software and network security monitoring equipment, up to a maximum of $500,000."

Referring to recent media reports about cyber attacks on public and private sector entities, Imbert said, "This is now becoming a very serious matter, and it appears that international cyber criminals are targeting Trinidad and Tobago and targeting databases (of different entities) looking for weaknesses."

He said there was a pattern in some of the recent attacks where databases were locked down by criminals.

"They come through some weak defence or internet system and lockdown the database. You can't get access to it."

Imbert said this would be frightening for private sector companies who would be unable to access their sales and inventory information.

"We want to encourage the private sector to invest in cyber security."

Imbert added that investment is both in hardware and software

He said his ministry works closely with the National Security Ministry's Cyber Security Incident Response Team (TT-CSIRT).

"All of the electronic transaction methods that have been implemented in TT over the last couple of years for the benefit of government entities such as the Judiciary with its paying system and various arms of government, have to be reviewed by TT-CSIRT."

TT-CSIRT, Imbert continued, examines all of the security risks associated with electronic transactions.

He reminded senators that people no longer go to the Treasury in Port of Spain to collect cheques as Government has been encouraging those cheques to be sent directly to the commercial banks.

Imbert said this provides more security for the cheque recipients to collect their money and eliminates physical congestion of people outside government offices like the Treasury.

He disclosed that he has seen e-mails sent to people, claiming their payments have been declined and asking them to provide their personal information to get help.

"Of course. It's a scam. If you only press that button or click on that link, that's it. Somebody will hack into your computer system, and it will get all of your personal information and engage in identity theft. There is a lot of that going around."

Imbert reiterated, "We hope that on the private sector side, that this allowance will stimulate investment in cyber security software and hardware."

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