Mexico’s Financial Sector Under Cyber Attack: Experts Warn of Exponential Growth in Illegal Activities
A Growing Threat to Mexico’s Financial Sector
With the rapid growth of digital transactions, Mexico’s financial sector has become a prime target for cybercriminals. According to a recent study by Akamai Technologies, cyberattacks related to financial services in Latin America increased by 419% between 2021 and 2022, surpassing 20 million attacks.
The Surge in Cybercrime
The surge in cybercrime is attributed to the significant digitization of banking services in Mexico, as well as the increase in sophistication and intensity of attacks. Cybercrime costs the country an estimated $90 billion annually, with financial institutions bearing the brunt of these illegal activities.
Customer Concerns and Institutional Responses
A recent survey by Akamai found that 54% of Mexican bank customers consider security a top priority when dealing with their accounts, while 35% have experienced some form of security breach, including hacking and phishing attacks. Financial institutions are responding by implementing cybersecurity measures and promoting good security practices among customers.
Common Attacks Targeting the Financial Sector
Common attacks targeting the financial sector include:
- Web application (WAF) and API attacks
- Cryptojacking
- Trojans
- Ransomware
Akamai’s study found that these attacks can have catastrophic consequences for financial institutions, including data breaches, system disruptions, and financial losses.
The Rise of Cryptojacking
The rise of cryptojacking, in particular, has been concerning, with a 269% increase in cases in the first half of 2022. This type of attack involves hackers using stolen computing resources to mine cryptocurrencies without users’ knowledge or consent.
Prevention and Preparedness
Financial institutions are advised to stay vigilant and implement robust cybersecurity measures to protect against these threats. “It is crucial to be prepared for and prevent ransomware attacks, as they can have devastating consequences,” emphasized Claudio Baumann, Managing Director at Akamai Latam.
The Role of Cybersecurity in the Financial Sector
Akamai Technologies is a leading provider of cloud and cybersecurity solutions, empowering businesses to protect and deliver their digital experiences. The company’s edge platform provides a robust defense against cyber threats, ensuring that applications, code, and experiences are secure and reliable.
Conclusion
As the financial sector continues to evolve, experts warn that cybercrime will remain a significant threat. Institutions must prioritize security to maintain customer trust and reputation, while staying ahead of evolving attack vectors and tactics. By staying vigilant and implementing robust cybersecurity measures, financial institutions can protect themselves against these threats and ensure a secure future for their customers.