Governor Antoine Applauds Central Banks IT Specialists for Safeguarding Regional Financial Systems
6 June 2025, Basseterre, Saint Christopher (St Kitts) and Nevis – Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine, has praised the commitment of the region’s central bank information systems specialists who help to keep the financial system safe and strong.
While addressing delegates at the 30th Annual Conference of Regional Central Banks’ Information Systems Specialists, which is being hosted at the ECCB Campus from 4 - 6 June, Governor Antoine emphasised that cybersecurity is among the top three concerns that keep central bank governors up at night. He highlighted the criticality of cybersecurity, noting that, according to Cybersecurity Ventures, the global costs of cybercrime rose from $3.0 trillion in 2014 to $9.5 trillion in 2024 and is expected to exceed $10.5 trillion in 2025. The Governor added that stolen data, financial thefts, reputational risk, regulatory fines, and business disruption all count as part of the costs.
The Conference is being held under the theme: “Beyond Borders: Collaboration, Innovation and Resilience in Central Banking IT.” Information Systems Specialists from the ECCB and the following Central Banks are attending the Conference: Aruba, Bahamas, Barbados, Belize, Curaçao, Haiti, Jamaica, Suriname, and Trinidad and Tobago.
The Governor encouraged the IT specialists to focus on getting “the basics right”. This encompasses protecting critical infrastructure, including every central bank’s data warehouse, as well as the payment system and the reserves management framework along with the system that undergirds reserve management.
Governor Antoine said getting the basics right also entails practising strong “cyber hygiene”. He went on to commend Acting Director of the Management Information Systems Department (MISD) at the ECCB, Lyle Mark and his team for making cyber hygiene “a high point of focus” throughout the year, including at every monthly staff town hall meeting, which features a cybersecurity awareness segment.
The ECCB Governor added that it is imperative that central bank information systems specialists prepare for the eventuality of a cyberattack, as well as for climatic events such as hurricanes, that could render systems inoperable; and engage in effective collaboration and cooperation in the areas of digital transformation and AI safety and security. Governor Antoine noted that AI presents a wonderful opportunity but also some serious threats, including digital manipulation, which he characterised as being one of the biggest concerns of central banks and governors.
The Governor also stated that trust is the number one asset of a central bank. “Your work and what you do touch and concern macroeconomic stability, smooth payment systems functioning, monetary policy, financial stability, but also very important — trust,” the Governor said.
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About the Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for: Anguilla,
Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
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