The Millennial Marketer (September/October 2022)

From the Editor

Hello again!

This month, I’m going to focus solely on a message that is near and dear to our hearts here at Millennial Media Management — breast cancer awareness.

As of this writing, the most recent breast cancer statistics for Jamaica I could find were from 2020, when Jamaica reported 1,208 cases. Half of those were fatal. Now that the distractions of the Pandemic have largely passed, it’s time to take up the fight with renewed vigor!

October is Breast Cancer Awareness Month. Every year since its founding in 1985, Pinktober seeks to memorialize those who have lost their battles with breast cancer, celebrate those who have won and prevent countless others from ever having to enter the battlefield at all.

The best chance of surviving breast cancer is through early detection, so if you’re over 40 and have never had a mammogram, or if it’s been more than a year since your last mammogram, stop reading and make an appointment now.

With all the weapons we now have available in the fight against breast cancer, a 50% mortality rate is simply unacceptable!

So, let us take this month to double down on our commitment to eradicating this fatal disease, but remain mindful that if we are to win the war against breast cancer, the fight must never cease.

Warm Regards,

Paul Bauer

EDITOR, THE MILLENNIAL MARKETER

Consumer Management series, under the theme: Inventory Management Techniques for Small Businesses," held on September 20, 2022.

Haron Spencer, an Inventory Management Officer with the JBDC, equipped participants with essential information on the need for proper Inventory Management Systems for their Small Businesses.

He said, "Inventory Management includes procuring, storing, picking, packing and shipping products. The goal is to ensure the product is there when the customer is ready to buy it. Inventory Management is a crucial piece of business' profitability, but many small businesses don't practice good management regarding the items they sell."

Spencer said, "The goal of Inventory Management is to understand stock levels and location."

He encouraged Small Business Owners to ask three questions about proper Inventory Management:

(1) Where will you store inventory?

(2) How much inventory will you store?

(3) How will you store your inventory?

HOW INVENTORY MANAGEMENT COULD SAVE YOUR BUSINESS... CONT'D

The answers to these questions, he said, will assist entrepreneurs in framing successful processes for tracking their stock.

In emphasising the need for small businesses to implement the most suitable methodology for their business' Inventory Management, Spencer shared, "Some businesses have too little inventory and are unable to meet customers' expectations. This often drives customers away, sometimes to another business or drive them away for good."

Contrasting this approach, Spencer said, "Some businesses go the other way by overstocking items just in case. The risk with this strategy is bleeding money from your business. Excess inventory ties up valuable cash flow, but it also costs more to store and track."

He added, "effective Inventory Management lies somewhere between these two extremes. While it requires more work and planning to achieve an efficient management process, your profits will reflect your efforts."

He, therefore, encouraged the participants to find the balance that works best for their business, that sees them yielding the most profit they can.

The conversation culminated with Spencer exploring the various techniques of inventory management that small businesses can consider. These included:

(1) First In, First Out (FIFO)

(2) Last In, First Out (LIFO)

(3) Demand Forecasting

(4) Minimum Order Quantity vs Economic Order Quantity

(5) ABC Analysis

(6) Safety Stock Inventory and

(7) Drop Shipping

He told Small Business Owners to examine the nature of their business and the stocks they use and assess the most viable options for them. He concluded, "there are several ways you can manage your inventory. Consider the circumstances of your operation and implement the Inventory Management process that works for you."

NIDS WILL MAKE BANKING EASIER

Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn says the National Identification System (NIDS), when implemented, will make banking easier for citizens.

“We believe that NIDS offers Jamaicans that level of comfort and ease to do transactions,” he said.

“Imagine you have a single National Identification System that is acceptable everywhere. You will no longer require the plethora of identifications you would normally need, such as the Justice of the Peace letter, the Passport, the Voter Identification, the Driver’s License, the Tax Registration Number (TRN),” the State Minister pointed out.

Dr. Dunn addressed the annual general meeting of the Gateway Co-Operative Credit Union Limited, at the Noel Fraser Auditorium, West Jamaica Conference of Seventh Day Adventists, in St. James on Thursday, August 11.

Gateway Co-operative Credit Union, borne from a merger between the Hanover and Montego Credit Unions in 2017, boasts over 70,000 members and branches in St. James, Hanover and Trelawny.

Dr. Dunn commended the entity, noting that the world-class financial services it provides “are equal only to the strong commitment of your leadership in enhancing the lives of all your members.”

He said the entity’s growth is encouraging as the Government continues to strengthen national governance and the legislative framework to advance development in an inclusive and enabling business environment.

“Much will depend on the willingness of organisations, such as yours, as you seek new and innovative ways to support your membership, many of whom are engaged in businesses that offer strong capital injection for not only the county of Cornwall but for Jamaica,” he pointed out.

Dr. Dunn also lauded Gateway’s leadership for accommodating its members throughout the COVID-19 pandemic by offering loan moratoriums and continuing to offer loans to those affected.

In his remarks, the President of Gateway, Rev. Glenroy Clarke, said the Credit Union had grown exponentially in its five years of existence, boasting a 64% growth in assets, 76% increase in savings, and 109% growth in loans.

This has propelled the entity to become the sixth largest Credit Union on the island.

Longstanding members of the Credit Union were also awarded during the meeting

2000+ COMPANIES TOOK ADVANTAGE OF COJ COVID-19 COMPLIANCE RELIEF

The Companies Office of Jamaica (COJ) is reporting that 2,837 entities took advantage of its COVID-19 Compliance Relief Initiative during the initial period from May 2020 to March 2022.

The Support Programme was launched to assist businesses hit hard by the pandemic to formally close without paying the full fees associated with filing closure notices.

Due to an overwhelming request for an extension, it was relaunched on August 1 and will now run for another six months until January 31, 2023.

Under the Initiative, Companies and Businesses wishing to close can do so without having to file their outstanding annual returns. In contrast, under normal circumstances, they would be required to bring their companies up-to-date by filing all outstanding returns before they can formally close.

Registrar of Companies and Acting Chief Executive Officer (CEO) at the COJ, Shellie Leon, is encouraging those who have unfiled annual returns and are wishing to close to "take advantage of this final opportunity" before January 31, 2023.

Meanwhile, business owners are urged to remain up-to-date with annual filings to avoid becoming delinquent.

During a recent interview, Ms. Leon indicated that changes are coming to the Companies Act and the Registration of Business Names Act, making it essential for persons to file and keep their records current.

She shared that "as a country, Jamaica is subject to certain international obligations, and as we speak, the Companies Act is being amended whereby companies must notify the Registrar of certain information regarding their beneficial owners."

She noted that the penalty for failure to notify the COJ of changes in operations will be more stringent and that this information will be contained in the annual returns.

"Also, you should note that not only is the COJ affected by this, but financial institutions will have to ensure that persons who operate accounts with them, or come to them for loans, file their returns," she noted.

The annual return provides information about the company's operations and financial condition.

"If it's a company with shares, you will see what happened to the shares, what happened with the company's officers and if the company incurred any indebtedness over the year," Ms. Leon pointed out.

To file annual returns, companies can access and download the forms online, but they must visit the COJ's head office in Kingston or its Montego Bay location to submit the completed forms.

The COJ also has mobile units in several parishes where the documents can be submitted.

Profit-making companies must download and complete Form 19A, while non-profit companies must use the 19B Form.

"Profit-making companies will pay $5,000 for the annual return once it is filed on time. The fee will attract $100 each day the filing is late.

The cost for filing for non-profit entities is $2,000. Non-profits are subject to late filing fees if the documents are not filed on a timely basis," Ms. Leon outlined.

Further information can be found on the COJ's website at www.orcjamaica.com and the entity's social pages.

SPIRIT AIRLINES TO COMMENCE DIRECT FLIGHTS FROM HARTFORD

Spirit Airlines will begin direct service from Bradley International Airport, Hartford, Connecticut, United States, to Montego Bay on December 15.

The airline will provide four weekly non-stop flights and is the first to offer this service to Jamaica from Hartford.

Director of Tourism at the Jamaica Tourist Board, Donovan White, said the service would provide additional marketing opportunities and visitor streams.

"We welcome these opportunities. It has been one that we have been working assiduously on and anticipating now for some time. So, to have it come to fruition is a great credit to the team's hard work," he said.

Connecticut has the third largest population of Jamaicans in the United States, behind Miami and New York.

Mr. White said the direct connection would make it convenient for travellers and more accessible for tourists to choose Jamaica.

"It gives our Business Development Officers in the marketplace an additional region to focus on, in terms of driving our marketing, and in driving our sales and promotional activities," he added.

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EXIM BANK EARMARKS $100 MILLION TO ASSIST SMES EXPANSION ONLINE

The National Export-Import Bank of Jamaica (EXIM Bank) has earmarked $100 million for an e-Commerce fund to assist Small & Medium-sized Enterprises (SMEs) expand their businesses online.

Through a partnership with the Jamaica Manufacturers and Exporters Association (JMEA), the 'EXIM Ecommerce Funder' will finance up to 80% of the associated costs of critical inputs for SMEs in the process of/are interested in trading through an eCommerce platform.

The facility offers up to $5 million per entity at a rate of 5% per annum. It is a mediumterm, non-revolving, secured loan, with up to 3 months moratorium on the principal repayments, where required.

During the launch on Friday, September 16, at the EXIM Bank's headquarters in Kingston, Business Development Consultant Winston Lawson said "while there are vast and potentially impactful advantages of operating a business in the virtual space, the inputs that drive sales may require funding."

inputs, he noted,

EXIM BANK EARMARKS $100 MILLION TO ASSIST SMES EXPANSION ONLINE... (CONT'D)

Mr. Lawson said he hopes the new facility will increase Export sales and upgrade the SMEs' e-Commerce platforms to reach global markets.

For her part, the Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer, endorsed the initiative. Stating that "it is part of the broad ecosystem that the Prime Minister, the Most Hon. Andrew Holness, speaks about in terms of making Jamaica a digital economy," she said.

Mrs. Bennett Templer noted that the Ministry continues to work on various programmes geared toward MSMEs and Technology, in addition to the efforts of the Development Bank of Jamaica (DBJ) to support the digitisation of the country's Small Business sector.

Managing Director, EXIM Bank, Lisa Bell, who also welcomed the "glorious partnership", said the institution intends to support SMEs in the post-COVID-19 pandemic era, where consumer patterns have changed globally.

In her remarks, Chief Executive Officer, JMEA, Kamesha Blake, congratulated the EXIM Bank for providing alternative financial solutions and niche products to drive business expansion and economic growth in Jamaica.

Financing under the 'EXIM Ecommerce Funder' is accessible directly from the EXIM Bank.

For more information, please visit their website: www.eximbankja.com.

TOURISM EARNINGS TO EXCEED US$4 BILLION THIS YEAR

Jamaica's tourism earnings are expected to be "significantly higher" this year, exceeding pre-COVID-19 levels, says Tourism Minister, Hon. Edmund Bartlett.

"We are looking to earn more than US$4 billion this year, which would exceed 2019 figures by US$500 million to US$600 million," he noted.

He said that Visitor Arrivals, including from Cruises, are projected to be above three million, similar to 2019 figures.

"So, all in all, tourism is looking good," the Minister said.

"We are making sure that the industry plays its key growth role in the wider Gross Domestic Product (GDP) growth arrangement," he said. He also noted that priority is also being placed on ensuring that the sector is more inclusive and provides for the well-being of Jamaica.

Director of Tourism, Donovan White, who also addressed the session, noted that visitors stay longer in the destination, are more immersive, and spend more.

"In 2019, our average stay would have been around 6.9 nights. In 2022, we are just over eight nights per visitor," said Mr. White, adding that the average daily rate in 2019 was approximately US $168 per person per day, while in 2022, the rate is US$180 per person per day.

He noted that visitors go to more restaurants, bars, parties, and events during their extended stay. They buy more crafts and take more tours.

Meanwhile, the Ministry of Tourism will observe Tourism Awareness Week from September 25 to October 1, under the theme: 'Rethinking Tourism'.

JAMAICA POISED TO BECOME A MAJOR MEDICAL CANNABIS INDUSTRY PLAYER

Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn says with medical cannabis gaining significant international traction, Jamaica remains on the cusp of being a central legal trans-shipment hub.

Speaking at the 5th CanEX Jamaica Business Conference and Expo at the Montego Bay Convention Centre in St. James on September 16, Dr. Dunn said there is every reason to believe that Jamaica will become a huge part of this “lucrative” market, adding that “the best is yet to come.”

“One significant industry development this year was that, in February, we facilitated the first legal trans-shipment of cannabis through Jamaica,” he noted.

“What this has done is to set the stage for Jamaica to become the hub of legal transshipment of cannabis for medical purposes. The quality of Jamaica’s indigenous strains, coupled with considerable local knowledge and Jamaica’s climatic conditions, makes this all a winning combination,” the State Minister added.

Dr. Dunn said it is no coincidence that the island is known for “a lot of firsts” as it relates to Agricultural products, citing, as examples, coffee, cocoa, and ginger being “number one in the world.”

“Obviously, there’s something about Jamaica creating all these number ones. These are premium products worldwide, not only in the Caribbean or North America but around the world,” he argued.

Dr. Dunn said Jamaica, with its soil type and climatic conditions, has found a “sweet spot” which, if nurtured and handled properly, is bound to attract investors and new stakeholders – local and foreign.

He noted that Grand View market research revealed that the global legal cannabis market was valued at US$17.8B in 2021 and is expected to expand at a compound annual growth rate of 25% from 2020 to 2030.

“The high demand is fuelled by an increase in the number of countries which have legalised or decriminalised cannabis, and its increasing acceptance for medical purposes,” he added.

Dr. Dunn said the Government is aware of this economic reality and the potential of cannabis and will be approaching establishing a viable industry with intelligence, creativity, and responsiveness to the market.

The State Minister said he is cognisant that people have been wondering why the Government is not moving faster to capitalise on the opportunities the cannabis sector represents but cautioned against undue haste.

“We are part of several treaties and obligations that we must follow because Jamaica must be known as a rule-based country. We’re a country that believes in establishing rules, and by participating in that, you can succeed. So we don’t need to move beyond that in any haste because we must develop a viable, sustainable, and longterm industry,” he emphasised.

LYNK DIGITAL CURRENCY WALLET SECURE

The Lynk digital payment wallet administrators ensure that the platform has built in mechanisms to protect users from fraud and theft.

The wallet, an app that can be downloaded on mobile devices, facilitates transactions involving the Bank of Jamaica's (BOJ) Central Bank Digital Currency (CBDC) – 'JAM-DEX'.

Chief Product Officer for Lynk, John Matthew Sinclair, noted that from the initial stages of persons creating an account, the 'Know Your Customer' (KYC) requirements allow the app to collect specific biometric data.

"Upon onboarding, we do take a video selfie. So, we capture your face and some movement; that is stored, secured and encrypted in our database," he informed.

Mr. Sinclair advised that any attempt to access an account from any device other than the one used to create it will trigger the platform's security protocols.

He said, these include prompting the user to enter three random numbers sent to the phone and a request to view the face of the person trying to access the account.

"It's going to show me a screen to allow me to take the same video selfie, and it's going to compare the new video with what was stored in the database. If they don't match, your account can't be accessed," he pointed out.

Meanwhile, Mr. Sinclair urges digital wallet holders losing their phones used for JAM-DEX transactions to contact Lynk's customer care service to close the account and activate the requisite responses.

Lynk is currently the sole approved wallet provider for JAM-DEX and is available through National Commercial Bank (NCB).

MINISTRY TO EXPAND ‘JAM-ICONIC EXPERIENCE’

The Tourism Ministry is working on expanding the 'Jam-Iconic Experience' by installing signs in resort towns islandwide.

The signs, installed with the support of the Tourism Product Development Company (TPDCo), will form part of the destination experience.

Speaking recently, Portfolio Minister, Hon. Edmund Bartlett said millions of dollars are spent on experiences and art, noting that creativity helps represent a location's offering.

"The iconic signage intends to capture the area's elements, spirit, culture and vibe. With Negril, the 'Capital of Casual,' you see the strong colour scheme as opposed to what is used in Montego Bay at the airport at the roundabout. It provides a feeling, a touch and a mood for the place. The signage is intended to do this." he explained.

Mr. Bartlett also announced plans to establish similar signage in St. Ann and Trelawny.

"When we do Ocho Rios, you will see what it looks like, and we will do Falmouth too. You should see what we are doing at Discovery Bay now. When you drive by there, you will notice the emerging landscaping in Mammee Bay, where we have the Waterwheel Experience," he said.

With Tourism earnings projected to surpass the US$4 Billion mark this year, Minister Bartlett reiterated the industry's importance to Jamaica's economy.

"What we are saying to the country is that we will have to get used to tourism as our main source of income. We have been able to stay out of the International Monetary Fund (IMF), even after this massive pandemic and the recession it brought in the wake of its recovery, because Tourism has recovered strong," he said.

Efforts, such as the Jam-Iconic Experience and boosting the aesthetics of the locations, incentivise visitors to travel and share scenic shots as part of their experiences.

Users generating content expands the marketing opportunities for the island's tourism product.

Meanwhile, Minister Bartlett said the Government would be prioritising public education on Tourism to help develop a deeper understanding within the general population of how the industry works for everyone.

He said while the Government remains prudent and aims to secure value for money within the expenditure, "we need to appreciate that some simple things that you may regard as unimportant are vital to the industry. The sector generates the largest portion of our foreign exchange and employs many people."

Mr. Bartlett emphasised the importance of not just marketing Jamaica's tourism product to the rest of the world but also to the people of the country.

"We are going to have to start marketing to ourselves, so we understand better, and we will get less outcry on simple activities that are critical to a process," he maintained.

JAMAICA FIRST IN REGION TO SIGNIFICANTLY ADVANCE CONSUMER PROTECTION & WELFARE POLICY

Jamaica is the first country in the region to make significant progress in developing a National Consumer Protection and Welfare Policy and Implementation Plan.

Spearheaded by the Consumer Affairs Commission (CAC), the Policy seeks to ensure that consumers are protected from unsafe goods and unfair business practices and are empowered to defend their rights and welfare.

Speaking on September 27 at the opening ceremony for a virtual validation workshop on the draft of the Policy, State Minister in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn pointed out that the Government “has always been a forerunner in developing and adopting policies that promote consumer safety and well being.”

He referenced that Jamaica was among the first signatories to the United Nations Guidelines for Consumer Protection in 2015 and the revised Treaty of Chaguaramas in 2001, which articulates international cooperation and consumer safety provisions.

“Consumers are the largest economic group and continue to play a vital role in our economy, for which Government must be deliberate in ensuring adequate safeguards and support for their benefit,” Dr. Dunn said.

For her part, Chief Technical Director in the Ministry, Michelle Parkins, said Jamaica continues to lead in many areas of development in CARICOM.

“I am pleased that Jamaica is the first country to be as advanced as we are in developing this Policy,” she added.

Ms. Parkins outlined that the nine-month project, which the Foundation for Competitiveness and Growth is funding, began in January this year.

Today’s stakeholder consultation exercise is an essential step in finalising the Policy.

In the meantime, Dr. Dunn commended industry experts for participating in “a sound national policy that will enhance Jamaica’s standing as a global business destination.”

“Your deliberations represent a critical component in the Government’s guideline for the development of national policies, to ensure that people are placed at the centre of decision-making,” he said.

The Policy will also seek to promote environmentally sustainable businesses and consumption patterns. Jamaica is ranked first in the Caribbean and sixth in Latin America concerning the ease of doing business.

NEW TRANSPORTATION APP LAUNCHED

Jamaicans and island visitors can now secure ground transportation services in real-time using the ride-hailing mobile application, DoGetGo.

The service is provided through a partnership between technology company Rydeum Caribbean and the Jamaica Union of Travellers Association (JUTA) Montego Bay Chapter.

The DoGetGo app, available on Android and iOS platforms, was officially launched on September 22 at the Half Moon Resort in Rose Hall, St. James.

In his remarks, Minister of Transport and Mining, Hon. Audley Shaw said the app marks another step towards a more technologically inclusive and efficient transportation sector in Jamaica.

Minister Shaw lauded Rydeum Caribbean for the innovation, touting it as a paradigm shift towards sustainable transport.

“I support introducing innovative technologies and new business ventures to support the transportation sector. This super app being launched has been developed to move transport more smartly. It promises to enable Jamaicans to work together in a single ecosystem and inspire change,” he stated.

He further noted that the app has come when commuters demand timeliness, flexibility, and convenience in the sector.

“The hope is that with this app, there will be greater freedom and power to transform the transportation industry. We also want to simultaneously empower all Jamaican businesses to access technology to deliver their products and services at the same level experienced globally,” Mr. Shaw said.

In an interview with JIS News, Rydeum Caribbean’s founder, Mark Hannah, said DoRide, the first of nine experiences to go live on the newly launched DoGetGo app, works similarly to Uber and Lyft. It allows users to request rides remotely from any location using a smartphone.

He said the company intends to expand the app to offer eight additional services such as food and grocery delivery, sending and receiving monetary payments, booking tours, and making medical appointments.

“The app is ran by JUTA drivers. Eventually, we’ll have more people in JUTA on it, but right now, we’re starting with JUTA drivers. So, what will happen is people will be able to use their phone no matter where they are, and they will be able to book a ride!” Mr. Hannah explained.

“They’ll be able to get the rate, get the fee, see the drivers’ ratings, and they’ll be able to travel anywhere in the country. This is the first step for launching to DoGetGo,” he continued.

President of JUTA Montego Bay, Simon Lawrence, said the new digital space would bring ease to its consumers in Western Jamaica.

CONSUMERS ENCOURAGED TO USE CAC APP

Consumers have been encouraged to use the Consumer Affairs Commission (CAC) mobile application for guidance in making local purchasing decisions.

Addressing a recent interview, Chief Executive Officer (CEO) Dolsie Allen remarked that the application supports the Commission’s efforts to keep consumers in the know.

“We want our consumers to be vigilant and well informed. Education is important, and we must give customers the requisite information to make wise decisions. We are growing as a nation, and we ask that you grow as a consumer. Let us be a little more responsible in how we conduct our day-to-day transactions relating to our commercial activities,” she said.

With more than 4,000 downloads, the app keeps consumers safe and makes it easier for shoppers to take action on consumer-related issues. It provides information such as consumer rights and laws, filing complaints, and food safety. It also allows for the comparison of prices for goods and services.

“It is like having a lawyer in your back pocket,” Director of Communications at the CAC, Latoya Halstead, reinforced.

The app can also access details of the Commission’s undertakings, including its achievements for each financial year.

Mrs. Allen took the opportunity to point out that for the first five months of the current financial year (April 1– August 31), the Commission’s outreach activities have impacted approximately 25,017 persons through 156 engagements. This is up from 13,198 in the corresponding period last year.

The application is available for download on the Google Play Store and iOS Apple platform.

The CAC is an Agency of the Ministry of Industry, Investment and Commerce. Its role is to enforce the Consumer Protection Act and facilitate ethical behaviour between vendors and consumers in the marketplace.

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JAMAICA A FAVOURABLE BUSINESS DESTINATION

Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn says that programmes put in place by the government to combat the economic effects of the COVID -19 pandemic have strengthened the island's position in the region as a favourable business destination.

"This government continues to pursue a bold and ambitious development agenda on behalf of all Jamaicans. We are pleased that despite the COVID-19 pandemic, we could provide significant buffers to confront and overcome many potentially disastrous social and economic outcomes with all the care programmes that this government instituted," Dr. Dunn said.

He stated that this has strengthened the country's position in the region as a preferred business destination and has given greater incentive for more Jamaicans to live, work, raise families, do business, and retire in Jamaica.

The State Minister pointed out that the government's restructuring of the Public Sector compensation system is far advanced for the 2022 to 2025 period, "and we will see Public Sector Workers on the lowest scale earning up to $1.3 million per annum and those at the highest earning up to $24 million per annum."

Dr. Dunn addressed the Montego Bay Chamber of Commerce and Industry (MBCCI) Workforce Readiness Forum, held on Thursday, September 22, at Secrets Resort in St. James.

He congratulated the organization for hosting the event and deemed it necessary.

"I know the importance of a vibrant, productive sector in keeping and helping create a more prosperous and sustainable business environment. Your facilitation of this dialogue will no doubt encourage more Jamaicans to take advantage of existing and emerging capacity building opportunities and steer many others into profitable engagement through this Ministry's enabling environment," Dr. Dunn outlined.

For his part, the President of MBCCI, Oral Heaven, noted that the forum should prove beneficial to employees and employers in attendance.

"Human capital is integral to the operation and survival of any business. The harsh reality is that workers are scarce," Mr. Heaven said.

During the forum, a panel discussion was held covering topics such as, 'The Initial and Evolving Impacts of the COVID 19 pandemic on the Jamaican Workforce' and 'Aspects of Recovery for the Post Pandemic Labour Market'.

COMPANIES URGED TO STRENGTHEN CYBERSECURITY MEASURES

Companies in the private and public sectors are urged to strengthen existing cybersecurity measures and safeguard against evolving cyber threats and risks.

The appeal comes from the Head of the Jamaica Cyber Incident Response Team (JaCIRT), Lieutenant Colonel (Lt. Col.) Godphey Sterling, who was addressing a Jamaica Information Service, JIS ‘Think Tank’, on September 28.

“We are seeing a whole slew of existing and emerging threats. There are 15 main threats that all business entities must take into consideration. These include malware, web-based attacks, identity theft, inside threats, and data breach,” he noted.

Since the start of the calendar year, JaCIRT has recorded more than 700 reports of cybercrimes.

Lt. Col. Sterling pointed out that there has been a rise in distributed denial-ofservice attacks, where attackers prevent users from accessing online services and sites.

He emphasised that all companies are susceptible to cyberattacks. However, “the degree of vulnerability will be based on the steps you take to protect yourself. If you work from the inside out, your employees are the first line of defence. You have to train them in security awareness, ensure they can recognise vulnerabilities where they exist, and encourage them to report these,” he added.

Lt. Col. Sterling also recommended that businesses invest in legitimate software, upgrade and update as necessary; stay away from free and questionable software, which may have malicious codes, and properly configure routers and firewalls.

“Businesses must also recognise their important role in the cybersecurity ecosystem and understand that resilience can only be achieved if we all play our part. As far as the cost for being cyber secure is concerned, not being cyber secured will cost much more,” he said.

URGED TO STRENGTHEN CYBERSECURITY MEASURES... (CONT'D)

“Let us move forward with our different strengths and weaknesses and, in a collaborative way, build on these so that we can help to build the capability of the cybersecurity ecosystem in Jamaica,” Lt. Col. Sterling emphasised.

Companies can reach out to the JaCIRT via email, social media, online or walk-in visits for assistance in developing a more stringent cybersecurity approach.

JaCIRT is a Division under the Ministry of Science, Energy and Technology, established to deliver on the mandate outlined in the National Cybersecurity Strategy of 2015 to address matters regarding cyber threats and provide appropriate responses.

BUSINESSES ENCOURAGED TO BEGIN PRACTISING DATA PROTECTION STANDARDS

Local businesses are encouraged to practice the country's data-protection standards ahead of the full implementation of the Data Protection Act, 2020.

The Act will take full effect in November 2023.

Information Commissioner Celia Barclay said this would help entities become familiar with the guidelines and implement measures to prevent them from committing avoidable breaches.

Under the Act, a business or business owner that fails to comply with the standards risks prosecution and will be liable to a fine or imprisonment.

"Depending on the offence, fines can be up to $10M or up to 4% of the business's gross annual turnover. Imprisonment could be for a period of up to 10 years. Either would be detrimental to the reputation and survival of the business and its operators," Ms. Barclay told JIS News.

She pointed out that entities must understand that the security of personal data is essential in doing business locally and attracting investments. It is also a necessity for international trade.

The Data Protection Act prescribes businesses process customers' personal data "the right way."

Processing means any possible use of information that can identify a living person or someone dead for up to 30 years. Usage includes but is not limited to obtaining, recording, storing, organising and consulting about customer information.

"As people become more conscious of the risk to their personal data, businesses will need to provide some assurance as to its protection to attract consumers," she said.

The Information Commissioner added, "a big part of compliance is obtaining individuals' informed consent to the processing of their data and ensuring that persons can make inquiries and complaints and receive a response or effective remedy."

The Data Protection Act, passed in 2020, established the Office of the Information Commissioner (OIC), which is currently being operationalised.

The OIC is responsible for monitoring compliance with the Act and attendant regulations, as well as advising the Government on matters relating to data protection and access to information.