How Much Do Cyberthreats Imperil the Region?
Cybersecurity company Kaspersky said in a recent report that threats facing financial services providers are doubling every year, with small banks and other financial firms that were recently acquired by larger companies as the prime targets of ransomware and other attacks. How safe are Latin American and Caribbean financial services providers from cyberthreats? What more should they be doing in order to protect themselves and their customers? What role do governments have in fighting cyberattacks, and how effectively are Latin American officials working together with others to meet the challenge?
John deCraen, senior director for Alvarez & Marsal’s Global Cyber Risk Services: “Given the proliferation of ransomware and target-agnostic type cyberattacks, it isn’t accurate to say any one global region is less secure than any other. However, it is fair to observe that Latin America and the Caribbean have disadvantages to securing financial institutions that more developed regions don’t suffer to the same degree. The most observable disadvantage would be the lack of awareness among the public, but more specifically, among financial institution employees and their leadership. Recent engagements have taken me to both the Caribbean and South America, and I witnessed a lack of basic awareness to the threats or even the slightest employee behavior modification. This communication vacuum just isn’t seen in the West or across Europe and appears to be a byproduct of leaders who seem unable to accept the risk, their own vulnerabilities or the need for change. Likely the least-discussed disadvantage is the poor support from government organizations. Like Europe, Latin America seems enamored with privacy but…”Read More
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Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Erik Brand, publisher of the Advisor, at email@example.com.