PORT OF SPAIN - ANSA McAL Group, a conglomerate based in Trinidad and Tobago, has called for stronger legislation against ransom payments in cyberattacks. This appeal follows the announcement of their financial results, which showed a substantial increase in revenue and after-tax profit for the period ending September 30, 2023.
During a press conference today, CEO Anthony N. Sabga III highlighted the need for legal reforms that would make it illegal to pay ransoms to hackers. This initiative is seen as a deterrent to cybercriminals by reducing the profitability of such attacks. Sabga referenced ANSA McAL's proactive stance following a significant cyberattack in 2020, which led to the implementation of "Operation Shields Up," a robust cybersecurity program.
Chief Information Officer Ian Galt detailed the components of Operation Shields Up at the conference. The initiative includes continuous monitoring for attacks, deploying advanced cybersecurity products, and implementing comprehensive education programs for customers and employees. Galt reported that the company faces over 1,000 routine system attacks every month and receives daily threat reports that are escalated according to their severity.
Reflecting on past cybersecurity challenges, Sabga emphasized the importance of mandatory public disclosure of data breaches. He acknowledged that while ANSA McAL excels in providing products and services, legislation is outside their expertise. Even so, he recognized the stringent global data protection laws currently in place.
The financial report released during Tuesday's investors' briefing revealed impressive growth for ANSA McAL. The group's revenue rose by 9.62% to $5.17 billion from $4.71 billion in 2022. After-tax profits saw an even more dramatic increase, soaring to $323.78 million from $13.73 million the previous year.
These financial milestones come alongside news from Tuesday about TSTT, another company dealing with the aftermath of a cyberattack that resulted in over a million lines of critical company code being leaked on the dark web and the subsequent departure of its then-CEO Lisa Agard. These events underscore the urgency of ANSA McAL's call for legislative changes in response to the growing threat of cybercrime in the region.
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