NASSAU, BAHAMAS — Central Bank Governor John Rolle has stated that the global IT shutdown nearly two weeks ago should not be used as a justification for scaling back on the benefits of digitization, noting that the regulator has on its “radar” plans to strengthen the domestic payment system capacity.
On July 19, a software update affecting computer systems worldwide reportedly caused significant disruptions, including grounded flights, off-air broadcasters, and interruptions in essential services such as banking and healthcare. The issue, linked to a product from global cybersecurity firm CrowdStrike, appeared to affect users of Microsoft’s Windows Operating System (MSFT.O). Locally, point-of-sale systems and some bank ATMs were impacted.
Speaking at a press conference regarding the regulator’s quarterly economic update, Governor Rolle stated: “We shouldn’t view the global IT shutdown as being a justification for any pullback in terms of the benefits we can get from digitization. What it does for us in the Bahamas is that it reminds all of our businesses that even in the best of times you need to have very robust recovery plans in your business operations.”
He added: “One of the things the experience did not fully draw out but is on our radar as the Central Bank is that we need to strengthen the domestic payment system capacity if there are any setbacks internationally. We continue to look at how we can transition the Bahamas over the next two years and not much longer than that, to what we would consider to be a real-time fast payment system, but particularly an infrastructure where even card payments can be routed and processed locally. That would add to the redundancies and backup we have in the system, but we should not allow the experience of the previous week to scare people away from taking full advantage of the digital platforms.”
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