NCB reassures on cybersecurity after making 14 IT posts redundant

National Commercial Bank (NCB) Jamaica, the country's largest bank, says it is "confident" in its ability to safeguard customer data amid confirmation that it has made 14 information technology (IT) positions redundant.

It said the changes implemented on Friday are part of a "restructuring initiative". 

"We sincerely appreciate the contributions of the impacted employees, and are committed to supporting them through this transition as best as possible. While difficult, the measures undertaken were necessary to ensure the long-term sustainability and competitiveness of our organisation." NCB said in a statement to The Gleaner on Friday. 

But the bank is insisting that the changes will not impact its cybersecurity systems.

"As we restructure for greater operational efficiency, the capability of our teams and processes remains steadfast in upholding the highest standards of cybersecurity," it said, adding that "the integrity and resilience of our systems remain our utmost priority". 

It said: "Our cybersecurity framework is robust, and continually evolving to adapt to emerging threats and technological advancements. We are confident in our ability to safeguard customer data and maintain operational continuity." 

The local financial sector has been hit in recent times by a series of cyberattacks, including smishing, which are infected text messages sent to customers that purport to come from the institutions, but are designed to steal account information.

Earlier this month, NCB's chief executive officer, Bruce Bowen, said his institution's backlog of fraud cases under investigation was cut in half after implementing two anti-fraud measures.

“Our incidence of fraud has reduced significantly since November and, as a result of new technology and additional resources, the month-or-more delay in investigating fraud cases has reduced to a maximum of two weeks now,” he said. 

Meanwhile, NCB Jamaica did not say whether further redundancies are planned. 

"Our organisational structure is continuously evaluated and adjusted to best serve the needs of our customers, while fulfilling our mandate of driving efficiency, governance and customer experience. While we cannot share the specifics of any future changes at this time, all decisions will be made thoughtfully and with the best interests of our employees and customers in mind," it explained.

"Optimisation of our operations may or may not include redundancies from time to time, as is typical in business," it added. 

The bank and its parent company, the NCB Financial Group, have seen a series of changes over the last seven months. Those include the July 2023 departures of then group CEO Patrick Hylton and his deputy Dennis Cohen and later on in September, the resignation of NCB Jamaica CEO Septimus 'Bob' Blake. Other senior executives have also left. 

The NCB Group is chaired by Michael Lee-Chin, who last September said the bank was  focusing on a change management programme dubbed 'Efficiency, Governance and Customer Service (EGC)'. He said this will involve "delayering the organisation so that it will become closer to the customers while driving efficiency".

- Jovan Johnson

Follow The Gleaner on X and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.