MINISTER of Digital Transformation Hassel Bacchus is encouraging both small and large businesses to take of advantage of the iGovTT Cybersecurity Investment Tax Allowance (CITA) programme. The CITA programme was launched last Wednesday at the Government Plaza, Port of Spain.

The CITA programme is intended to incentivise businesses to invest in cybersecurity measures. The programme then provides a tax deduction for eligible businesses that invest in cybersecurity software and network security monitoring equipment.

Minister of Finance Colm Imbert introduced the programme during the 2023/2024 national budget which was read in Parliament last year.

In his address at the launch, Bacchus said that cybersecurity should not only be viewed as a technical issue but as a necessary aspect of business operations.

"And a key factor in protecting customers, citizens' data, all the things that we have and have custody of. And the means of adopting effective cybersecurity solutions also involves training and network security monitoring to mitigate potential (threats). Even if you do all of that, you still have the potential to be attacked and successfully so," he added.

He explained that cybersecurity used to be viewed as something "for the big guys" (big companies) and these companies always looked externally for support.

"Ten years ago, I don't know if there were any cybersecurity companies in Trinidad and Tobago dealing specifically with the needs and requirements of small and medium enterprises. Five years ago that changed...and now because of the advent of what we have that is now a burgeoning industry, where we have local companies providing services," Bacchus pointed out.

He added: "Updating cybersecurity policy, systems and frameworks and engaging all relevant stakeholders is fundamental in our mission in improving public and private cyber resilience."

The minister also stressed that cybersecurity measures do not mean attacks will not occur.

"When we talk about cybersecurity, people believe what trying to do is ensure people never get attacked; we can't do that. People always believe we can protect from being attacked successfully; we cannot do that, what we are trying to do is ensure if you are attacked successfully that its impact on your business and your ability continue to fulfil the mandate for which you have set for your customers is allowed to continue," he explained.

Safeguard infrastructure

At the launch, president of Trinidad and Tobago Chamber of Industry and Commerce Kiran Maharaj endorsed the Government's CITA programme.

"It is a commendable effort by the Government to incentivise businesses to invest in cybersecurity measures," she said.

Maharaj pointed out that CITA "aligns perfectly with recommendations we make ahead of the 2023/2024 national budget statement. We recognise the need for further incentivisation related to digital expenditure to propel our national digital transformation".

She emphasised that the initiative underscores the importance of safeguarding digital infrastructure, which is a priority the Chamber has consistently highlighted.

She added that the Chamber has always been vocal about its concerns regarding cybercrime.

"We are all aware of large corporations being targeted for cyberattacks across the globe. However, it is important to note that cyber threats are not exclusive to large corporations," Maharaj said.

She added that, according PriceWaterhouseCoopers global report, cybercrimes pose the biggest threats to small, medium and large businesses.