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The impact of cybersecurity on the financial sector in Jamaica

The impact of cybersecurity on the financial sector in Jamaica Jamaica continues to experience financial crimes particularly in cyberspace including e-fraud, identity theft, credit card forging, money laundering and terrorist activities. Spoofing, spamming, virus propagation, spear phishing, buffer overflow and denial of service continue to be weaknesses found in organization’s cybersecurity in Jamaica. With the emergence of cryptocurrency and digital currency it is important that Jamaica uses intelligence led policing and data analysis to reduce and prevent financial crimes such as money laundering and corruption proceeds.Design/methodology/approachLiterature review; review of domestic legislation; review of current matters in courts.FindingsCybersecurity is no longer a pure computer security issue but instead, cybersecurity is seen as a national policy matter because the illicit use of cyberspace could have a significant impact on the financial sector in Jamaica. Cyberattacks have been successfully targeting the financial sector worldwide. While much of the efforts and resources to address the risk imposed by these cyberattacks are directed at developed economies, far less attention has been devoted to developing nations. Because many of these nations such as Jamaica have modest cyber capabilities, their ability to respond to cyberattacks can be limited, yet they need to respond to these attacks to protect their critical financial infrastructure.Originality/valueThere are few scholarly articles that focus on cybersecurity issues and legislation in Jamaica. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

The impact of cybersecurity on the financial sector in Jamaica

Smikle, Lauri
Journal of Financial Crime , Volume 30 (1): 11 – Jan 2, 2023
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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1359-0790
eISSN
1359-0790
DOI
10.1108/jfc-12-2021-0259
Publisher site
See Article on Publisher Site

Abstract

Jamaica continues to experience financial crimes particularly in cyberspace including e-fraud, identity theft, credit card forging, money laundering and terrorist activities. Spoofing, spamming, virus propagation, spear phishing, buffer overflow and denial of service continue to be weaknesses found in organization’s cybersecurity in Jamaica. With the emergence of cryptocurrency and digital currency it is important that Jamaica uses intelligence led policing and data analysis to reduce and prevent financial crimes such as money laundering and corruption proceeds.Design/methodology/approachLiterature review; review of domestic legislation; review of current matters in courts.FindingsCybersecurity is no longer a pure computer security issue but instead, cybersecurity is seen as a national policy matter because the illicit use of cyberspace could have a significant impact on the financial sector in Jamaica. Cyberattacks have been successfully targeting the financial sector worldwide. While much of the efforts and resources to address the risk imposed by these cyberattacks are directed at developed economies, far less attention has been devoted to developing nations. Because many of these nations such as Jamaica have modest cyber capabilities, their ability to respond to cyberattacks can be limited, yet they need to respond to these attacks to protect their critical financial infrastructure.Originality/valueThere are few scholarly articles that focus on cybersecurity issues and legislation in Jamaica.

Journal

Journal of Financial Crime – Emerald Publishing

Published: Jan 2, 2023

Keywords: Jamaica; Financial crime; Cybersecurity

References

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