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Cybercrime and Financial Institutions in Panama: A Growing Concern
The COVID-19 pandemic has accelerated the shift to remote work, leaving companies and individuals vulnerable to cyber threats. In Panama, cybersecurity issues have become a pressing concern, with a 140% increase in cyber attacks worldwide.
Legislative Framework
To address this issue, Panama has established a legislative framework to combat cybercrime. The National Strategy for Cybernetic Security and Critical Infrastructure Protection (2013) outlines four pillars:
- Prevent and stop criminal behavior in cyberspace
- Strengthen cybersecurity of critical national infrastructures
- Promote the development of a strong national business network in cybersecurity
- Develop a culture of cybersecurity through training, innovation, and adoption of standards
Budapest Convention on Cybercrime
Panama is a signatory to the Budapest Convention on Cybercrime (2001), which has been incorporated into Law No. 79 of 2013. This law defines computer crimes, child pornography, intellectual property rights infringement, and other related offenses.
Insufficient Legislation
Despite these efforts, experts argue that Panama’s legislation needs to be updated to keep pace with the evolving threat landscape. The country must adapt its laws to comply with international commitments made under the Budapest Convention.
Threats to Cybersecurity
Cyber threats are real, and individuals, small businesses, large companies, and governments are all at risk of becoming victims of cybercrime. The most common attacks come through impersonation via email, highlighting the need for vigilance and caution when dealing with suspicious communications.
Common Attack Methods
- Impersonation via email
- Phishing attacks
- Malware and ransomware
- Social engineering attacks
Recommendations
To mitigate these risks, individuals should:
- Be vigilant when receiving emails that raise doubts
- Avoid opening attachments or clicking on links from unknown sources
- Never give out passwords by email or phone
For corporate environments, directors, managers, and CTOs are advised to:
- Assess and implement a methodology for protecting information and anticipating unexpected events
- Determine risks and vulnerabilities of systems
- Implement updated antivirus software and firewall protection
- Enable sand boxing for mail servers and public DNS analysis
- Apply security certificates in both public and private environments
- Provide training on company safety policies and keep technical staff updated
By taking these precautions, companies can reduce their risk of falling victim to cybercrime and protect their sensitive information.