22 | JUL | 2019
Record number of online frauds in Mexico
According to Willis Towers Watson, around 70% of companies have not established protocols to combat this type of threat - Photo: Dado Ruvic/Reuters

Record number of online frauds in Mexico

14/06/2019
18:51
Antonio Hernández
Mexico City
-A +A
It is estimated that the total annual cost of cybercrime in 2019 could exceed USD$2 billion

Between 2017 and 2018, Mexico had the highest number of Internet frauds in Latin America. The Willis Towers Watson global advisory firm estimates that eight out of every 10 companies in the country suffer at least one cyber attack per year.

According to Willis Towers Watson, around 70% of companies have not established protocols to combat this type of threat, which compromises their information and data.

It is estimated that the total annual cost of cybercrime in 2019 could exceed USD$2 billion.

Losses resulting from online fraud are usually due to the interruption and/or damage to internal systems and processes, which can in turn generate legal problems and damage the company’s image.

On average, losses suffered by a company as a result of cyber attacks can rise to around USD1.5 million.

The global advisory firm explained that there are certain factors which can increase the possibility of an attack or can make companies particularly vulnerable to losses. The most important one is negligence or malicious acts from company workers. This is why it is so important to notify employees whenever the organization at hand decides to adopt new security measures, thus preventing actions that may alter processes.

90% of complaints related to cybercrimes are a result of some kind of error or negligence on the part of an employee.

Throughout the world, data from different companies has shown that two thirds of cyber threats arise from negligence or malicious acts from workers. By comparison, only 18% are caused by external threats, and a mere 2% are caused by cyber extortion.

According to the company, six out of every 10 employees lack a clear strategy to address cybercrime risks, which is why an internal prevention plan should be established in order to assess the company’s most vulnerable areas and prevent attacks.
 

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