Peru Struggles to Combat Cybercrime in Finance Industry

A Growing Concern

LIMA - As cybercrime continues to wreak havoc on financial institutions across Latin America, Peru has taken steps to strengthen its laws and enforcement mechanisms to combat these threats. However, despite having an independent law that punishes and sanctions cybercrime, the country still faces challenges in effectively combating this growing menace.

Peruvian Law on Computer Crime

Peru’s Law 30096 on Computer Crime, which came into force in October 2013, and subsequent amendments have introduced several provisions aimed at tackling cybercrime. The law criminalizes a range of offenses related to the use of information and communication technologies, including:

Misuse of devices and information mechanisms
Illegal access to computer systems
Sexual harassment
Advocacy of crime
Violations of radio electrical spectrum

International Cooperation

The Peruvian Government has also ratified the Budapest Convention, which sets out common standards for combating cybercrime. The convention was published in the Official Journal El Peruano in September 2019 and came into effect on December 1 of that year.

Challenges in Combating Cybercrime

Despite these efforts, cybercrime remains a significant threat to the finance industry in Peru. In recent years, several financial institutions have been targeted by hackers, resulting in significant losses for both individuals and businesses.

Need for Improvement

The Peruvian authorities have acknowledged the need to improve their response to cybercrime, particularly in the finance sector. “We recognize that combating cybercrime requires a coordinated effort between law enforcement agencies, financial institutions, and technology companies,” said a senior official at the Ministry of Justice.

Measures to Strengthen Response

To address these challenges, the Peruvian Government has introduced several measures aimed at strengthening the country’s response to cybercrime, including:

Powers for attorneys to authorize undercover agents to conduct investigations
Establishment of communication mechanisms with governing bodies and private sector entities involved in the fight against cybercrime
Joint actions with other states to implement concrete actions and measures to combat massive attacks against information infrastructure
Requirement for providers of public telecommunications services to facilitate geo-localization of mobile phones and provide access to their technology with the System for Intervention and Control of Communications of the National Police of Peru

Criticism and Future Directions

Despite these efforts, critics argue that more needs to be done to protect human rights and ensure effective enforcement of cybercrime laws. “We need to ensure that our laws are compatible with international standards on human rights and that we have robust mechanisms in place to prevent abuse,” said a leading expert on cybersecurity.

Conclusion

As the finance industry continues to grapple with the threat of cybercrime, Peru’s efforts to strengthen its response will be closely watched by both domestic and international observers.