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Financial Crimes and Cybersecurity Threats in Ecuador: A Growing Concern

In the digital age, cybercrime has become a significant threat to individuals and organizations worldwide. Ecuador is no exception, with the country facing an increasing number of financial crimes and cybersecurity breaches.

The Reality of Cybersecurity in Ecuador

According to the Global Cybersecurity Index 2018, Ecuador ranks 98 out of 175 nations in terms of commitment to engaging in cybersecurity programs. This low ranking is a reflection of the country’s lack of preparedness to face cyber threats.

A Contradictory Assertion

The Ecuadorian Minister of Telecommunications, Andrés Michelena, has argued that citizens’ data are well-protected. However, this assertion is contradicted by the fact that Ecuador suffered its biggest information leak in 2019.

Government Response

The recent data breach has sparked a sense of urgency among authorities, with the government announcing a bill to support the Integral Criminal Code of Ecuador regarding cybercrimes and allocating $11 million for data protection. However, this move may be seen as too little, too late by some experts, who argue that the country’s tools are not sufficient to defend against cybercrime.

Characteristics of Cybercrime

The characteristics of modern technology mean that cybercrime is considered an asymmetrical threat, particularly for underdeveloped countries like Ecuador. Unlike traditional warfare, where attackers and defenders are on equal ground, in cybercrime, the attacker has a palpable advantage in terms of both attack and defense.

Challenges in Investigating Cybercrimes

Experts argue that the continuing threat of cybercrime calls for an adaptable response from the government to protect citizens’ information. With the likelihood of information being leaked once it is compromised, investigators face significant challenges in determining the perpetrators of cybercrimes.

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