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The Cyber beast stalking Caricom’s economic future - Barbados Today

“Whether tackling the climate crisis, addressing gun violence, or championing equitable global financial reforms, we must act with one voice and one purpose.” With those words, Prime Minister Mia Mottley signalled the strategic direction for her year as chairperson of the Caribbean Community (CARICOM). However, while the region grapples with the relentless ravages of climate change, another economic monster is quietly raging, largely overlooked by heads of government: cybersecurity.While the 48th CARICOM Heads of Government Summit was underway, a lesser-known yet significant event also took place. At the recently concluded Aliv Business Cybersecurity Summit on February 20 in The Bahamas, Michael Halkitis, the country’s minister of economic affairs, underscored that cybersecurity is essential for both economic stability and national security. He emphasised its critical role in the digital era, particularly in The Bahamas’ digital transformation, which aims to boost competitiveness and strengthen its regional standing.Minister Halkitis highlighted that cybercrime costs the Caribbean $90 billion annually, posing a significant threat to economic stability in the region, according to World Bank reports. If I had been present, I would have cautioned the audience about that figure. The International Monetary Fund (IMF) estimates the Caribbean region’s GDP at current prices to be approximately $151.57 billion USD in 2025, encompassing both CARICOM and non-CARICOM nations. A $90 billion loss would imply cybercrime consumes over half the region’s collective GDP—an unrealistic claim. If true, the CARICOM agenda would likely be reduced to three items: cybercrime, cybercrime, and more cybercrime.

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