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35th ICAC Conference, Day two…Finance Minister calls for prioritisation of cybercrime prevention measures

Jun 24, 2017 News

Finance Minister Winston Jordan has called for discussions on the adoption of systems to counteract cybercrime to be prioritised, as the 35th Annual Conference of the Institute of Chartered Accountants of the Caribbean (ICAC), day two, got underway yesterday.
The event, which is being held at the Marriott Hotel, Kingston, Georgetown, will conclude today.
Jordan during his remarks told the gathering that modern technology has transformed the way accountants work and communicate with their clients. He observed that it is no longer necessary for accountants to reach clients in person, since technological advances have allowed for communication on an alternative plane – the internet.
However, amidst these developments, accountants have become prime targets for cybercriminals, who have become “more sophisticated in hacking” or otherwise obtaining clients’ personal information.
“You will need to build adequate and secure defence mechanisms against such attacks. In this regard, the adoption of appropriate cyber security must be given the desired prominence, because, like banking, trust remains vital in your relationship with your clients,” Jordan told the participants.
Jordan’s call for the prioritisation of deliberations on the adoption of systems to counteract cybercrime comes on the heels of a recent inking of an agreement which will see an upgrade to the state’s National Payments Systems (NPS).
The programme will facilitate the examination of the possibility of the state converting from physical to electronic cash transfers.
This agreement was signed between the Government of Guyana and the World Bank through the International Development Association (IDA), in Georgetown last Thursday.
Meanwhile, Guyana’s Cybercrime Bill of 2016, is still at the level of Parliament. The consultation phase has reportedly already been completed.
This year’s ICAC conference is being held under the theme, “New Horizons – Charting the Course Together”, and is focusing on empowering business, finance and accounting professionals with the knowledge and strategies to advance the development of the region.
Presentations and discussions on topical business issues such as the regional impact of significant international developments, the opportunities presented by emerging sectors and markets, and the challenges being faced by established industries, are planned.
Developments in financial reporting, public sector financial management and information technology are also on the agenda.
Jordan said that accountants have many roles to play in the development of every economy.
“After all, the rate of growth in any country hinges on the efficiency with which available resources are managed and utilized. Accounting is all about savings, which is at the heart of economic development and growth.”
Jordan said, also, that certified accountants play a pivotal role in strengthening the internal control mechanism employed by businesses and organisations to ensure efficient and effective operations, and compliance with relevant laws and regulations.

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