The past few years have been quite a challenge for the finance sector of Latin America. In a recent report published by Organization of American States or OAS, the series of cyber crime that infected the region has had its negative results. According to banker Leonardo Gonzalez Dellan, high profile cases have been reported this year. Banks that were reportedly victims of cyber crime are those from Chile and Mexico. Based on tips received, the source is traced back to North Korea.
The Organization of American States, however, clarified that it is only the tip of the problems because the group confirmed that nine in every ten banks all over the Latin America including the Caribbean has been subjected to cyber attacks. The most worrying fact is that 37 per cent of the said financial institutions admitted that they have been on the receiving end of one or more successful cyber attacks.
The published report includes data from 191 banks all over the region. It was presented in Washington, D.C. during the Cybersecurity Symposium organized by the Organization of American States.
In a statement by the general secretary of the Organization of American States, Luis Almagro, the rate of digitization is quite high in the financial sector, most especially the banking department. The number of bank customers that are employing electronic banking continues to rise each day. They use the internet to process transactions and utilize their mobile devices for payments.
Business models are changing in order to adapt the latest technologies and to make use of the digital channels available but there are also downside to these developments such as the risks presented by cybersecurity. Therefore it presents a new list of priority that must be given importance in order to prevent any attacks in the future.
According to 80 per cent of the banking institutions, the latest attacks are caused by malware or malicious codes on the software, 57 per cent said that clear desk policies are violated and 57 per cent is phishing. It is quite different from the time when Leonardo Gonzalez Dellan was still in the banking sector because technology was not so advanced then.