Mexico’s financial institutions are an easy target for hackers

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92%

of financial institutions in Latin America fell victim to cyber attacks last year, mostly from Mexico, Uruguay, Chile, and Ecuador , according to the Organization of American States (OAS) .

Guillermo Chávez, technology director at B-Drive IT

, claimed that cyber crime had shown an increase in the past five years, especially in Mexico, where financial organizations now suffer around 85 cyber attacks every year , according to calculations by the National Banking and Securities Commission (CNBV) .

“In recent times, Mexico has been most vulnerable to cyber attacks. A case of hacking and extraction of monetary resources through the System of Interbank Electronic Payments (SPEI) which affected several banking institutions this year is a perfect example of this,” he stressed.

Last April , around MXN$400 million were stolen by hackers through concentrating accounts within the financial system, affecting several banking institutions that immediately reported the incidents, as well as the slow functioning of the SPEI.

Thereon, Guillermo Chávez emphasized that “ Mexico should prioritize cyber security on the short term . In this way, the business sector may avoid legal and financial risks, guarding their reputation among investors.”

A company that doesn’t have preventive measures tailored to their personal needs may suffer severe consequences such as loss of third-party data, which could ultimately lead to legal issues.

In this context, risks and security protocols assessment should be a matter of the utmost relevance, no matter how small the company.

B-Drive IT is a company that provides comprehensive IT solutions based on risk assessment derived from a thorough analysis of traffic data.

Their studies allow for the implementation of comprehensive solutions tailored to the user’s needs. The company is currently a key associate of Google, Extreme Networks, Palo Alto Networks, Avaya, Infloblox, and Symantec , among others.