In July 2025, one of Trinidad and Tobago’s largest cooperative financial institutions was hit by a ransomware attack allegedly linked to the cybercriminal group Qilin. According to reports, the breach was quickly contained, and core systems remained secure, although sensitive customer data was leaked, and debit card services were disrupted due to third-party fallout.
This attack highlights a growing challenge: Credit unions in Trinidad and Tobago are becoming prime targets for cybercriminals. With limited cybersecurity resources and increased reliance on digital platforms, these institutions are now more vulnerable than ever.
The Rising Tide of Cybercrime
Between 2019 and 2023, the Trinidad and Tobago Computer Security Incident Response Team (TT-CSIRT) documented over 200 confirmed cyber incidents, including phishing, ransomware, and data theft. However, the real number may be significantly higher due to the absence of mandatory breach disclosure laws (TT-CSIRT, 2023).
As mentioned in Part I of this series, recent national incidents have already demonstrated the scale of the threat. Now, with this most recent ransomware breach in the cooperative finance sector, credit unions find themselves directly in the crosshairs.
Why Credit Unions Are at Risk
Several key vulnerabilities continue to plague the sector:
- Outdated IT infrastructure
Many credit unions still use legacy systems that lack basic cybersecurity protections. This challenge is common throughout the Caribbean cooperative finance sector, as highlighted in the 2024 Financial Stability Report by the Central Bank of Barbados (Central Bank of Barbados, 2024). - Limited internal expertise
Smaller institutions often lack dedicated cybersecurity staff or response teams, which limits their ability to detect and respond to attacks promptly (Central Bank of Barbados, 2024). - Vendor risk and oversight
Third-party service providers can introduce vulnerabilities, especially if they lack strong security measures. Vendor oversight involves monitoring and managing these external partners to ensure they meet strict cybersecurity standards and do not become weak links that attackers can exploit (TechNewsTT, 2025). - Lack of transparency
Without mandatory reporting, breaches often go unreported, limiting collective awareness and response. The CARICOM Cybersecurity Strategy stresses the importance of mandatory breach disclosures for regional resilience (CARICOM Secretariat, 2023).
These weaknesses make credit unions attractive to attackers using tools such as ransomware kits and card-testing bots. The World Bank also notes that Caribbean financial institutions face growing cyber risks due to limited governance and incident response capacity.
Urgent action is required by both the Credit Unions and the Regulators to mitigate against these threats: For Credit Unions
- Make cybersecurity a strategic priority
Boards and leadership must allocate resources and define clear security policies - Strengthen vendor oversight
All service providers should be held to strict cybersecurity standards. - Train staff and test response plans
Human error remains a top attack vector, so ongoing education is essential.
For Regulators
- Mandate breach reporting
Timely disclosure will improve transparency and sector-wide learning - Set national cybersecurity standards
Clear, enforceable minimum requirements will lift the entire sector. - Support smaller institutions
Provide training, funding, and shared cybersecurity infrastructure where possible.
Cybercriminals are evolving rapidly, and Trinidad and Tobago’s credit unions must evolve with them. Recent attacks show that community institutions are no longer off the radar. If the sector fails to act, the next breach could be even more damaging. Cybersecurity is no longer optional. It is now central to financial stability and trust. The recent ransomware attack must serve as a turning point. To protect their members and maintain public trust, credit unions and regulators must act now!
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