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Argentina’s Banks Step Up Cybersecurity Measures Amid Rising Digital Risks
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Argentina’s banks are taking proactive steps to combat the growing threats of digital risks by adopting new authentication strategies and technologies. Cybersecurity specialists in the country note that institutions like Banco Galicia, one of the largest banks in Argentina, are turning to biometrics and multi-factor authentication to enhance online banking security.
Banks Emphasize Agile Development and Automation
Banco Galicia has implemented a new working paradigm that focuses on agile development, best practices, and automation of control processes. According to Pedro Adamovic, Banco Galicia’s chief information security officer, “Digitalization generates new challenges, and we’re working on those at high speed, together with the business and IT.”
Cybersecurity Budgets Not Keeping Pace with Growing Risks
Despite these efforts, cybersecurity budgets in Argentina’s financial industry are not keeping pace with the growing risks. According to a report by ESET:
- 54% of respondents believed their cybersecurity budgets were insufficient
- 22% had actually seen their budgets decrease since the previous year
Public Wi-Fi Networks Complicate Cybersecurity Landscape
The risk panorama is further complicated by the increasing use of public Wi-Fi networks in banking “cafes,” which offer new opportunities for hackers. Argentina’s banks are betting on this model, with institutions such as Galicia, Santander Rio, Comafi, and Macro offering co-working areas and coffee shops alongside their ATMs.
Sophisticated Threats Require Multi-Layered Security
Cybersecurity experts warn that phishing attacks and malware threats are becoming more sophisticated. For example:
- “Prilex,” a Brazilian ATM malware designed to steal credit card details
- The Lazarus hacking collective, which has already attacked various banks in the region
Biometric Authentication Measures Offer Improved Security
In response, Argentina’s banks are turning to biometric authentication measures, such as:
- Facial recognition and fingerprint scanning
- Artificial intelligence (AI) to identify unique points on users’ faces that are not replicable
However, experts caution that these systems must be accompanied by other controls, such as location and device verification.
Client Education Crucial for Cybersecurity Success
Client education is also seen as a crucial aspect of cybersecurity. “There’s no such thing as zero risk, but we can minimize it,” said Javier Chistik, account manager for the Southern Cone at Forcepoint. “How? Working on human behavior, the main area of vulnerability.”
Proposed Laws Aim to Hold Banks Liable for Digital Attacks
Argentina’s banks are emphasizing the importance of training and education, both for internal staff and clients. They are also looking to proposed laws that would make banks liable for their clients’ losses in the case of digital attacks on their accounts.
As the threat landscape continues to evolve, Argentina’s banks must balance the need for robust cybersecurity measures with the need to provide convenient and user-friendly online banking services.