Financial Crime World

Mexico’s Financial Sector Under Siege: Cybercrime on the Rise

Introduction

As the financial industry continues to digitalize, it has become a prime target for cybercriminals, with devastating consequences. The exponential growth of attacks on financial services has caught the attention of specialists, who point to the significant digitization of banking services and the increase in sophistication and intensity of cybercrime as contributing factors.

Cybercrime in Latin America

According to a recent study by Akamai Technologies, a cloud and cybersecurity company, cyberattacks related to financial services in Latin America surged by 419% between 2021 and 2022, surpassing 20 million attacks in that year alone. Cybercrime costs Latin America a staggering $90 billion annually.

Mexico’s Financial Sector Under Attack

Mexico’s financial sector has been particularly affected, with customers increasingly targeted by hackers. A recent survey conducted by Akamai found that:

  • 54% of respondents cited the need for security measures in their banking institutions
  • 35% reported having experienced a security issue - either through an app (19%) or over the internet (16%)

Financial Institutions Taking Action

Financial institutions are taking steps to disseminate good security practices and implement cybersecurity mechanisms to protect customer data and reputations. Security is now a fundamental attribute in the financial services sector, with institutions recognizing its importance as a vital part of their offerings.

Common Attacks

The threat landscape is vast and varied, with common attacks including:

  • Web Application (WAF) and API attacks: hackers exploit vulnerabilities, steal user data, and disrupt financial institution services
  • Cryptojacking: malware uses victims’ computing resources to mine digital currency without their knowledge or consent
  • Trojans: disguise themselves as legitimate programs to gain access to devices
  • Ransomware: encrypt important data and demand a financial ransom to restore access

Ransomware Threats in Latin America

A study by Akamai found that Latin America was the third most-attacked region for ransomware threats between May 2021 and April 2022.

Conclusion

As the financial sector continues to evolve, it is crucial that institutions prioritize cybersecurity and implement robust measures to protect against these emerging threats. With cybercrime costs mounting, it is clear that security must be a top priority in Mexico’s financial sector.