Financial Crime World

Mexican Financial System Faces Growing Cybersecurity Threats, Report Warns

Mexico City, Mexico - The Mexican financial system is vulnerable to growing cybersecurity threats, according to a new report released by the Inter-American Committee against Terrorism (CICTE) and CheckPoint 2018 Security Report.

Vulnerabilities in Banking Sector

The report analyzed the cybersecurity situation in Mexico’s banking sector and found that 35 out of 51 banks participated in an online questionnaire conducted by the Organization of American States (OAS). The survey revealed significant gaps in cybersecurity among financial entities, including:

  • Credit institutions
  • Savings and loan cooperatives
  • Popular financial corporations
  • Credit unions
  • Brokerage houses
  • FINTECH companies

Urgent Need for Action

“Cybersecurity is a critical aspect today, and financial entities and institutions must be prepared for unprecedented attacks,” said experts. “These attacks not only aim to secure economic resources but also seek to obtain sensitive information about individuals.”

The report’s findings come at a time when the World Economic Forum’s Global Risks Report 2019 has identified “large-scale cyber-attacks” as one of the top global risks, ranking fourth in terms of probability over the next ten years.

Recommendations

To address these threats, the report recommends implementing robust cybersecurity measures, conducting regular risk assessments, and providing training for employees on cybersecurity best practices. Additionally:

  • Implementing robust cybersecurity measures
  • Conducting regular risk assessments
  • Providing training for employees on cybersecurity best practices

Response from Regulatory Bodies

In response to the report’s findings, the National Banking and Securities Commission (CNBV) has pledged to work closely with CICTE and other regulatory bodies to address the growing cybersecurity threats facing Mexico’s financial system.

Key Takeaways

  • 35 out of 51 banks in Mexico participated in an online questionnaire on cybersecurity
  • Significant gaps in cybersecurity among financial entities were revealed
  • Large-scale cyber-attacks are considered technological risks on a global scale, with significant negative impacts expected in the next ten years
  • Implementing robust cybersecurity measures, conducting regular risk assessments, and providing training for employees are crucial to protect against these threats.