Puerto Rico’s Banking Sector Takes Steps to Enhance Security Measures in Wake of Recent Cyberattacks

Aftermath of Recent Cyberattack on Puerto Rico’s Toll System

In the aftermath of a recent cyberattack on Puerto Rico’s toll system, AutoExpreso, concerns have been raised about the vulnerability of both government and private institutions to hacking. The incident has highlighted the importance of robust security measures in the banking sector.

Importance of Consumer Education

According to Zoimé Álvarez, executive vice president of the Puerto Rico Bankers Association (PRBA), consumers must take an active role in monitoring their accounts regularly to identify any unauthorized transactions. “It is not enough to look at your statements once a month,” she warned. “With so many payments being made electronically, it’s crucial to evaluate your accounts’ statements regularly.”

Banking Institutions’ Efforts

Commercial banks and some credit cards already notify customers of suspicious activity through alert calls or emails, while others report all transactions. Credit card companies that offer real-time transaction updates often do so for a low fee.

Álvarez emphasized the importance of educating consumers about various fraud schemes and stressed that banking institutions are proactive in addressing fraud. “The bank does not skimp on security platforms because the consumer has to trust their service,” she said. “Responding to fraud costs banks money, so we are active in carrying an educational message.”

Best Practices for Consumers

In the event of a data breach, experts advise consumers to act quickly and contact their bank or financial institution immediately to report any suspicious activity. They may also request a credit monitoring service to protect against identity theft.

• Regularly review your credit reports
• Ask banks about their security measures in place to secure transactions
• Notify your bank immediately if you suspect fraudulent activity

Ongoing Efforts to Improve Cybersecurity

Wilton Vargas, a technology specialist and founder of Tecnético, recommended that consumers regularly review their credit reports and ask banks about the security measures they have in place to secure transactions. “By law, everyone has the right to an annual credit report,” he said.

The Puerto Rico Bankers Association advises customers who suspect their information has been compromised by fraudsters to notify their bank immediately so that fraudulent actions can be stopped. Consumers may also choose to cancel their credit cards as a precautionary measure.

Ongoing Investigation into Cybersecurity in the Public Sector

Meanwhile, the House of Representatives Committee on Government is investigating the operation of agencies involved in developing and implementing cybersecurity plans in the public sector. Chair Rep. Jesús Manuel Ortiz expressed concerns about the visibility of private companies managing government data and the citizens’ knowledge about cyberattack risks.

Call to Action for a National Cybersecurity Law

Experts have described the current state of cybersecurity on the island as critical and disorganized, emphasizing the need for a National Cybersecurity Law with legislative, executive, and business support to address these concerns.