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More cyberattacks on the way, predicts cybersecurity expert

Bermuda is in the line of fire when it comes to cybercrime according to an expert (File photograph)

When it comes to cybercrime, Bermuda is “absolutely” in the line of fire, said a key member of the Chamber of Commerce.

In the past month, both the Bermuda College and grocery store business Lindo’s Group of Companies were hit by “cybersecurity issues”.

The Bermuda College’s computer systems and phone networks were put out of action following an “IT security incident”, but did not confirm that it was a cyberattack.

Chamber of Commerce board director Lloyd Holder said it is likely more entities will be targeted.

“I don't think it is a matter of if, at this point. It is a matter of when, unfortunately,” Mr Holder said. “Because Bermuda is now known on the dark web as a vulnerable space, we can only expect a greater uptick of people trying to compromise entities and organisations that are based here, knowing that we don’t have some of the right infrastructure in place.”

Sometimes Bermuda enterprises think they are too small to attract the notice of cyber attackers, but Mr Holder said, because everyone and everything is connected to the internet, they are not immune.

According to the online Cybercrime Magazine, 60 per cent of small businesses fold six months after a cyber attack. The average global cost of a single breach can be about $3.62 million. There is also a loss in consumer confidence that follows an incident.

Another article on The Cobalt Labs website states that cyber criminals are diversifying their tactics so that no one is safe. It is projected that the cost of cybercrime, globally, will rise to $10.5 trillion by next year.

“There are significant cyber gaps here that need to be filled,” Mr Holder said. “Part of the challenge is that to fill those gaps, it takes financial investment, which some businesses might not be in the position to take on,” he said.

He said some Bermuda businesses also do not have a good understanding of what is required to mitigate those risks.

“From a training perspective, it is not a case of getting a certification and walking away,” he said. “New cyber threats and techniques are emerging every day, so cybersecurity threat mitigation techniques need to be updated as well.”

Mr Holder did not think that the Bermuda business community was well-trained in cybersecurity.

“There is a lot of room for development In this area,” Mr Holder said.

However, the Chamber of Commerce was not receiving information about threats or attacks.

“If it is a small entity they may not report, but just reset their systems,” he said. “ Larger entities may be reporting to police but are not making it public.”

Danielle Riviere, Chamber of Commerce chief executive officer, said they are currently hosting information sessions with Digicel and Symptai on the Personal Information and Privacy Act and cybersecurity.

“We will continue to offer collaborative trainings on cybersecurity,” she said.

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Published April 10, 2024 at 8:00 am (Updated April 10, 2024 at 7:14 am)

More cyberattacks on the way, predicts cybersecurity expert

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