Following the recent cyber-attack on the Barbados Revenue Authority (BRA), president of the Barbados Chamber of Commerce and Industry (BCCI), James Clarke, is warning of potential long-term impacts on the business environment.
He expressed concerns that if these incidents become more common, they could increase operational costs, undermine investor confidence and create heightened uncertainty within the local economy.
“In response to the query about the cyberattack on the BRA, the Chamber is extremely concerned about the level of cyber-attacks against Government and private sector institutions.
“Regrettably, these attacks impact all of us, driving up costs and uncertainty. The nature, frequency and intensity of these threats seem to be on the rise,” he said.
This particular incident, which came to light in early October, involved a breach of the BRA’s vehicle registration portal. Sensitive personal information was reportedly accessed and circulated online, sparking widespread alarm.
With rising cyber threats worldwide, Clarke said the business sector had spearheaded efforts to educate members on digital security. He said the Chamber’s Digital Security Committee had hosted multiple forums on cyber threats, underscoring that “this latest attack reminds us that there is more that can be done.”
Data privacy expert Steven Williams echoed Clarke’s concerns, stressing the need for Government and businesses to understand the high cost of data breaches and plan accordingly.
“We must first understand the cost of data breaches. In the United States, for example, small businesses face an average cost of $2 million per breach, factoring in recovery expenses, new security measures and brand damage. If Government doesn’t grasp these costs, it can’t effectively budget, plan, or make cyber security a part of its policy agenda.”
Williams suggested that risk assessments and “business impact assessments” could help identify how much cyber
threats truly cost, emphasising the importance of critical infrastructure protections.
“We need to broaden resources to lessen the impact, because this isn’t about stopping every attack; it’s about managing the risks and reducing the harm,” he said.
He noted that critical sectors, including food distribution by companies, could be vulnerable if they became targets, which would threaten essential services.
Clarke revealed that the Chamber intended to update and circulate guidance to its members on current cyber security best practices and organise an engagement session on the subject.
“This is an ongoing fight and it’s very difficult,” he admitted, adding that while many businesses were reluctant to disclose cyber issues, increased collaboration was essential for countering this serious threat.
Williams highlighted the need for stronger national standards and pointed to the lack of basic cybersecurity frameworks in many organisations as a barrier to meaningful cyber insurance.
“Some US frameworks, like the National Institute of Standards and Technology security framework, are now global standards,” he said.
“Many businesses wouldn’t qualify for cyber insurance because they don’t meet the basic security standards. The focus should be on understanding risk levels and tightening cyber defences first.” (CLM)
