Financial Crime World

Cybercrime in Finance: Mexico’s Biggest Threat After Climate Change and Natural Disasters

Introduction

Mexico Business News and Fortinet recently co-hosted a webinar on “Business Under Attack: The Threat of Cybercrime” to discuss the growing concern of cybercrime in the country. The event brought together industry experts to share their insights on the alarming rate at which cybercrime is spreading in Mexico.

The Growing Concern

Cybercrime has been identified as the biggest global threat after climate change and natural disasters by the World Economic Forum. The pandemic has accelerated this trend, with working from home forcing employees into new connection modes that are not necessarily secure.

  • According to Eduardo Zamora, General Country Manager of Fortinet, cybercrime is spreading rapidly in Mexico.
  • Frédéric Costé, CEO of Kippeo Technologies, emphasized that the pandemic has led to a significant increase in cyberattacks in Mexico, with many companies lacking adequate cybersecurity measures.

Vulnerabilities in Remote Work

Many family-owned businesses and small-medium enterprises (SMEs) lack a comprehensive approach to remote work, leaving them vulnerable to cyberattacks. Inequality exists between industries, with financial service companies having a higher level of cybersecurity awareness due to compliance requirements.

  • Victor Mendivil, CIO & CSCO of Ópticas Devlyn, pointed out that many family-owned businesses and SMEs lack a comprehensive approach to remote work.
  • Fernando Padilla, President of ASOFOM and Pretmex, highlighted the devastating impact of cybercrime on financial institutions in Mexico.

The Impact of Cybercrime

A staggering 40% of all financial institutions were attacked last year, while 35% of users of financial services have been affected by cybercrime.

  • Eduardo Zamora emphasized the importance of covering all areas of a company, including networks, cloud, devices, and employees.
  • Frédéric Costé stressed the need for employee education and training, as lack of awareness is a major issue in the industry.

Neglected Areas

Many companies have outdated cybersecurity tools, leaving them vulnerable to attacks. Employee education and training are essential, but cultural change within organizations is also necessary.

  • Victor Mendivil highlighted the importance of cultural change within organizations, with cybersecurity becoming part of the business strategy rather than just an IT concern.
  • Fernando Padilla pointed out that individuals’ behavior is often the biggest challenge when it comes to cybersecurity, with 95% of cyberattacks starting with human error.

Conclusion

Cybercrime is a major threat to Mexico’s financial sector, and it is essential for companies to prioritize cybersecurity awareness and education to prevent attacks. The webinar concluded that naming a Chief Information Security Officer (CISO) who can educate employees on how they can be attacked and when they need to take action is crucial.

  • Frédéric Costé emphasized the importance of organization and naming a CISO.
  • Fernando Padilla warned that companies need to prioritize cybersecurity and make it a part of their overall strategy.