Cybersecurity, priority of Mexican banking; investments are coming

Los banks will invest about 24 billion pesos in cybersecurity and the increase in digital offer during this year, according to the Association of Banks of Mexico (ABM).

Julio Carranza, leader of the bankersstressed that last year the same amount was allocated to the protection against cybercriminals and the expansion of digital products derived from the accelerated adoption of online financial services.

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In your opinion The level of investment must provide certainty to banking users that the financial institutions are Committed to not suffering cyber attacks that compromise their operations. As well as offering a complete range of services via the internet.

According to Bank of Mexico (Banxico)he Finance system record four cyber incidents in 2023which had a cost of 89.07 million pesos.

According to the record called Major cyber incidents in 2023 in the national financial system that have been reported to the Bank of Mexicothere was a attack that affected ATMs in Februaryone with repercussions a electronic transfers in March and another in May, while in July an incident was reported with damage to the Internet bankingbranches, electronic transfers and ATMs.

COMPREHENSIVE WORK

Eduardo Osuna, vice president of the organization, said that the bank is making a Comprehensive work to reduce risks of customers whose habits are increasingly digital.

We are working on training the client, we are making sufficient investments to ensure that there are no cyberattacks on the subsystems, we are also improving the platforms with companies that have new business models, which is a trend and ultimately makes it much easier to deliver services to clients.”

Additionally, The banks have made migrations that are beneficial to their clients as the chip and PIN implementation on debit and credit cards, a security measure that has helped reduce fraud by 71% in recent years.

And system that puts Mexico at the forefront in terms of security in plastic for customers since 96% operate in this format.

Osuna explained that the magnetic stripes that the cards had as an authentication system They are easy to clone and they can commit fraud without the need for the card to be physically present, unlike this system in which the card and the customer are needed to authenticate the purchase.

The key benefits of this model are that it avoids card forgery and reduces property losses.

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