Guatemala Faces Cybercrime Threat in Financial Institutions

Growing Concerns

Guatemala’s National Security Council, along with international partners, has sounded the alarm on the growing threat of cybercrime in the country’s financial institutions. The first International Seminar on Cybersecurity in the Latin American Context brought together experts from across the region to address this pressing issue.

“We are facing a major challenge in securing our financial systems,” said Colonel Francisco Girón, general manager of the National Institute for Strategic Security Studies (INEES). “Cyberattacks can have devastating consequences, affecting not only financial institutions but also the entire economy.”

The Scale of the Problem

Guatemala’s financial sector has been particularly vulnerable to cyber attacks. In 2021 alone, the Superintendency of Tax Administration (SAT) experienced over 8,000 incidents, disrupting invoicing, tax payments, and customs processes.

International Cooperation

To address this growing threat, INEES is partnering with international organizations such as the William J. Perry Center for Hemispheric Studies to provide training and expertise to Guatemalan officials. The Perry Center will conduct a training exercise in Guatemala in August, focusing on security issues and transnational organized crime.

Strengthening Cybersecurity Capabilities

The Guatemalan government is also strengthening its cybersecurity capabilities through cooperation with regional partners. In April, Foreign Minister Mario Búcaro met with the Organization of American States Secretariat for Multidimensional Security to discuss technical assistance and cooperation on cybersecurity issues.

Expert Insights

“Cybersecurity is not just a matter of technology; it requires a cultural shift in how we approach security,” said Colonel Girón. “We need to work together to build a culture of cybersecurity across the region.”

Conclusion

As Guatemala continues to grapple with the threat of cybercrime, experts warn that securing financial institutions is crucial to protecting the country’s economy. With international cooperation and training, Guatemala can better combat this growing threat and ensure a safer financial system for its citizens.