Businesses in the Virgin Islands have been warned of a rising wave of cybercrime sweeping across the Caribbean.
Digicel BVI CEO Mara Samaniego urged firms in the territory to strengthen measures to prevent increasingly sophisticated and audacious attempts to use technology to scam companies and governments.
Ms. Samaniego said the recent cyberattack on the BVI Electricity Corporation — which exacerbated the utility’s recovery struggles in the aftermath of Tropical Storm Ernesto — has highlighted the territory’s vulnerability to a cybercrime spike across the region.
Ransomware attacks in the Caribbean have soared by some 35 percent since 2023, while phishing attempts have increased by 25 percent and data breaches are up about 30 percent, according to Annill Daniel, head of business solutions and service delivery at Digicel BVI.
“The average cost of a data breach in the Caribbean is estimated at $3.5 million,” Mr. Daniel told the Beacon.
He added that phishing — an online technique designed to steal sensitive information — should be a worry for VI firms.
“Phishing remains a significant threat, particularly targeting employees in the tourism and finance sectors,” Mr. Daniels said. “The success rate of these phishing attacks is alarmingly high due to low cybersecurity awareness and training.”
Legal frameworks
Mr. Daniel added that around 60 percent of Caribbean countries are still in the “early stages” of implementing frameworks to address cybercrime.
“At least 40 percent of public-sector institutions in the Caribbean have reported at least one significant cybersecurity incident in 2024,” he said.
Mr. Daniel warned that not enough resources are being spent on safeguarding systems.
“The Caribbean faces a shortage of skilled cybersecurity professionals, with an estimated 70 percent of organisations struggling to fill cybersecurity roles,” he said. “Despite the growing threats, cybersecurity investment in the Caribbean remains low. Only about 15 percent of organisations report having increased cybersecurity budgets.”
Sophisticated attacks
Ms. Samaniego told the Beacon that cyberattacks in the region have become more common and more sophisticated.
“We have seen this increase across the Caribbean, with the government of Bermuda recently being hit as well,” she said.
“I think some companies just don’t realise the scale of what is happening.”
Ms. Samaniego urged firms and authorities to take defensive action by carrying out internal and external “penetration tests” of their computer systems in order to stay ahead of the crime gangs behind the raids.
“It’s about money for them,” she said of the cybercriminals. “They can send an encryption tothe system and shut everythingdown.”
Businesses across various sectors, from tourism to finance to telecommunications, have become prime targets for cybercriminals, according to the CEO.
“With the rise of online services, digital payments and cloud-based operations, the vulnerability of Caribbean businesses to cyberattacks has escalated, demanding urgent attention and robust countermeasures,” she said.