The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

A Cabinet minister yesterday described cyber security is both a “key pillar of economic stability and growth” and critical to The Bahamas’ national security.

Michael Halkitis, minister of economic affairs, Speaking at Aliv’s Business Cybersecurity Summit, said the issue is not only a technical concern but a national priority for the digital era.

“As we advance digital transformation, managing cyber risks is essential to protecting businesses’ critical infrastructure and, indeed, national security. This is particularly important for The Bahamas, [given] our commitment to the digital transformation to strengthen competitiveness, projecting modernisation and strengthening our position in the regional digital economy,” said Mr Halkitis.

He added that the Caribbean region loses a “staggering” $90bn annually due to cyber crime, which represents a risk to future economic stability and national security.

“The economic consequences of cyber-attacks in our region are also very staggering. According to some reports from the World Bank, the Caribbean region faces annual cyber-related losses amounting to $90bn,” said Mr Halkitis.

“This figure highlights the magnitude of the problem and the urgent need for action. Cybercrime is no longer just a technical issue; it is a national security and economic stability issue. Businesses, governments and institutions must work together to strengthen our defences and reduce our vulnerability.”

Mr Halkitis also acknowledged the opportunities for economic growth that cyber security provides, with the Caribbean market expected to grow by 7.4 percent annually to $495m by 2029.

“Despite the challenges, cyber security also presents an economic opportunity. The Caribbean cyber security market is projected to grow by 7.4 percent annually between 2025 and 2029, reaching $495m by 2029,” said Mr Halkitis.

“This growth represents an opportunity for investment in cyber security infrastructure, workforce development and digital innovation. The Bahamas has the potential to be at the forefront of this growth, bringing jobs, fostering entrepreneurship and driving digital innovation.”

Mr Halkitis said businesses of all size should have the tools to mitigate cyber security risks, but added that is difficult for many micro, small and medium-sized enterprises (MSMEs) to obtain them due to financial constraints.

“Small and medium-sized enterprises are the backbone of the Bahamian economy. They are the driving force behind innovation, job creation and economic diversification. However, as these businesses embrace digital tools and platforms, they also face increasing cyber threats that can disrupt operations, compromise sensitive data and erode public trust,” said Mr Halkitis.

“Many small and medium-sized enterprises lack the resources to defend against sophisticated attacks. To protect our economic progress, we must equip our businesses, large and small, with the tools and knowledge to mitigate these risks.”

Mr Halkitis called for greater collaboration between the public and private sector to advance steps already taken by government such as launching the National Computer Incident Response Team (CIRT-BS) and the National Cyber security Strategy.

“Cyber security is not just a government responsibility. It requires a whole of society approach, and so collaboration between the public and private sectors is essential to securing our digital future and ensuring a resilient and competitive economy. Regional collaboration is also essential,” he said.