Financial Crime World

Cybersecurity Looms Large in Mexico’s Financial System

Mexico’s financial system is facing a growing threat from cyber-attacks, with authorities and institutions struggling to keep pace with the rapidly evolving digital landscape.

Global Risks Report 2019 Highlights Cybersecurity Concerns

According to the Global Risks Report 2019 by the World Economic Forum (WEF), “fraud and massive data theft” ranks fourth on the global risk probability chart for the next decade, while “cyber-attacks” rank fifth. This trend has been consistent over the past year, with cyber risks consolidating their position alongside environmental risks in the high impact and high probability quadrant of the global risk scenario.

The Mexican Financial System: A Complex Web of Authorities and Entities

The Mexican Financial System (SFM) is a complex web of authorities, regulatory bodies, financial entities, institutions, and markets that provide services to different segments of the population. The system is led by key authorities such as:

  • Secretaría de Hacienda y Crédito Público (SHCP)
  • Comisión Nacional Bancaria y de Valores (CNBV)
  • Comisión Nacional de Seguros y Fianzas (CNSF)
  • Comisión Nacional de Sistemas de Ahorro para el Retiro (CONSAR)

These authorities play a critical role in ensuring the stability and development of Mexico’s financial system, regulating and supervising various sectors and entities, as well as authorizing and sanctioning activities.

Cybersecurity Challenges Facing the SFM

Cybersecurity has become a critical aspect of the financial sector, with financial entities and institutions under attack not only to secure their economic resources but also to steal sensitive information about clients, partners, associates, and users. The Mexican Financial System authorities are public institutions that ensure the stability and development of the financial system, perform authorization, regulation, supervision, and sanction functions, among others.

The State of Cybersecurity in the Mexican Financial System

The SFM is comprised of:

  • Financial System Authorities:
    • SHCP
    • CNBV
    • CNSF
    • CONSAR
  • Financial Entities and Institutions: from various sectors, including banking, insurance, pension funds, and more.
  • Financial Instruments and Markets

Conclusion

In conclusion, the Mexican Financial System is facing significant cybersecurity challenges that require immediate attention and action from authorities, regulatory bodies, and financial entities and institutions. It is essential for these stakeholders to work together to ensure the security and integrity of the financial system and protect users’ interests in this rapidly evolving digital landscape.