FID Calls for Increased Diligence to Counter “Insider Threat”

The Financial Investigations Division (FID) is urging local businesses, particularly entities operating in the financial sector, to strengthen their technological safeguards and intensify the enforcement of policies that target insider threats. The call came from the Chief Technical Director of the FID, Selvin Hay, and the Head of the Constabulary Financial Unit, Inspector Brenton Williams, while addressing the FID’s Biennial Conference.

Inspector Williams cited 13 cases of insider threat being investigated or prosecuted by the fid over the period 2019 to 2022. He strongly encouraged businesses, particularly those which manage investments and deposits, to significantly strengthen their systems of compliance and monitoring. Meanwhile, the Chief Technical Director of the FID, Selvin Hay adds, insider threat incidents increased 44 percent globally over the period 2020 to 2022, and the costs per incident have increased by more than a third to 15.38 million US Dollars. Hay quoted cyber security insiders 2021 insider threat report which polled hundreds of businesses across the world and found an increasing trend in insider threat incidents.

Watch the more Major Stories | Breaking News | Latest Developments – CVM TV