Puerto Rico Battles Cybersecurity Threats Amid Financial Woes

In the face of a series of embarrassing cyberattacks, the government of Puerto Rico is investing millions to bolster its cybersecurity defenses. The latest effort includes a $7.6 million agreement with the Multi-State Information Sharing and Analysis Center (MS-ISAC) aimed at enhancing continuous monitoring on government networks.

Financial Challenges Compound Cybersecurity Concerns

Puerto Rico has faced numerous challenges in recent years, including effectively entering bankruptcy in 2017 before exiting months ago. The financial struggles were compounded by a string of cyberattacks that compromised sensitive information and siphoned off millions of dollars.

Notable Incidents

In February 2020, the government-sponsored Industrial Development Company transferred over $2.6 million earmarked for pension payments into a foreign bank account after falling victim to a phishing email.
In December 2019, a phishing attack on the Puerto Rico Tourism Company sent $1.5 million to a fraudulent account.
In October 2020, the Puerto Rican firefighting department was targeted by ransomware attackers demanding $600,000.
Earlier this year, the legislative branch’s network access was disabled after an attack.

The Need for Improved Cybersecurity Measures

Nannette Martínez Ortiz, interim executive director of the Puerto Rico Innovation and Technology Service, believes that the continuous monitoring offered by MS-ISAC will minimize the impact of future phishing and ransomware-type cyberattacks on the government. “We are committed to protecting our systems and data from these types of threats,” she said.

The New Agreement with MS-ISAC

The recent attacks have underscored the need for improved cybersecurity measures in Puerto Rico, where financial woes continue to plague the island. The new agreement with MS-ISAC marks an important step towards strengthening the government’s defenses against cyber threats and ensuring the continued security of its financial systems.

Benefits of the Agreement

Enhanced continuous monitoring on government networks
Improved detection and response to phishing and ransomware-type attacks
Strengthened cybersecurity measures to protect sensitive information
Reduced risk of financial losses due to cyberattacks