Cybersecurity Threats to Financial Crimes in Ecuador Take Center Stage

Ecuador has been a victim of cybercrime for years, but a recent massive data leak on nearly every citizen has exposed the country’s vulnerability to these threats.

A Lack of Commitment to Cybersecurity Programs

According to the Global Cybersecurity Index 2018, Ecuador ranks 98th out of 175 countries. This demonstrates its lack of commitment towards engaging in cybersecurity programs and initiatives.

• Only 26% of public entities have the necessary security apparatus deemed essential by the International Organization for Standardization (ISO) to avoid cyberattacks.
• The country has not yet developed a data protection bill, leaving citizens without stipulated rights regarding the safeguarding of their personal information.

The Need for an Evolving Legal Framework

Ecuador’s lack of a comprehensive legal framework to address cybercrime is a major concern. A bill sent to the National Assembly aiming to support the Integral Criminal Code of Ecuador on cybercrimes is a step in the right direction, but more needs to be done.

The Asymmetrical Threat of Cybercrime

Cybercrime is an asymmetrical threat, particularly for countries underdeveloped in technical matters like Ecuador. The characteristics of the modern technological era mean that traditional methods of protection are no longer effective.

Conclusion

The continuing threat of cybercrime calls for the Ecuadorian government to implement adaptable responses to protect its citizens’ information. This includes:

• Developing a comprehensive legal framework to address cybercrime
• Increasing investment in cybersecurity programs and initiatives
• Implementing necessary security apparatus to avoid cyberattacks

Only through a concerted effort can Ecuador effectively combat cybercrime and protect the personal information of its citizens.