The advanced digitalization of the economy and operations not only optimizes the efficiency of financial institutions and enhances the experience of banking customers but also exposes new vulnerabilities and diverse threats that require a proactive and strategic approach.<\/p>\n
As customers conduct more transactions through online banking and banking applications, risks also increase. Data presented by\u00a0Statista\u00a0indicate that in 2023, the highest number of cyber incidents in the financial sector worldwide was recorded since 2013. Specifically, 3,348 incidents were registered, compared to 1,829 in 2022 and 2,527 in 2021. Additionally, the number of data breaches also increased, rising from 690 in 2021 and 477 in 2022 to 1,115 in 2023.<\/p>\n
According to an\u00a0IMF report, in the last two decades, almost one-fifth of reported cyber incidents affected the global financial sector, causing\u00a0$12 billion<\/strong>\u00a0in direct losses to companies in the industry. The report also highlights that banks are a prime target and that loss figures are likely much higher when considering indirect losses and reputational damage.<\/p>\n Another report from the\u00a0World Bank\u00a0indicates that in 2024,\u00a0Latin America and the Caribbean<\/strong>\u00a0became the region with the highest increase in reported cyber incidents, with an average annual growth rate of\u00a025%<\/strong>\u00a0over the last decade. Moreover, it is also the least protected region, with an average cybersecurity score of\u00a010.2 out of 20<\/strong>. Public administration and finance are the two most targeted sectors in Latin America and the Caribbean.<\/p>\n In a context where fraud and cyberattacks on banks are increasing and financial institutions are prime targets for increasingly sophisticated criminal organizations, companies in the sector must refine their\u00a0financial cybersecurity strategies and policies<\/strong>. These measures are necessary not only to prevent\u00a0bank fraud<\/strong>\u00a0and associated losses but also to\u00a0protect customer data and information<\/strong>\u00a0and maintain user trust. It is important to highlight that criminal groups target not only financial institutions and their online banking services but also\u00a0Managed Service Providers (MSPs)\u00a0that support these institutions. Therefore, cybersecurity policies and strategies must also cover these providers.<\/p>\n Organizations should develop\u00a0zero-trust approaches<\/strong>, which mean that \u201cno user, system, or device should be trusted by default, whether inside or outside the network.\u201d Additionally, they must develop\u00a0proactive resilience strategies<\/strong>\u00a0for their digital banking platforms and ensure security in their applications, focusing on\u00a0early threat detection<\/strong>\u00a0and\u00a0rapid response<\/strong>. To achieve this, they should design\u00a0incident response plans<\/strong>.<\/p>\n Since criminals leverage the latest technologies and techniques, financial institutions and their partners must\u00a0automate<\/strong>\u00a0their defense strategies through the\u00a0integration and orchestration<\/strong>\u00a0of security platforms and tools. In this regard, it is essential to apply\u00a0advanced technologies<\/strong>\u00a0such as\u00a0AI-driven threat detection<\/strong>.<\/p>\n Organizations must also deploy\u00a0multi-factor authentication (MFA)<\/strong>\u00a0strategies and require multiple forms of verification before granting access to sensitive systems. At the same time, they should have\u00a0plans and protocols for crisis recovery<\/strong>\u00a0in the event of cybersecurity incidents.<\/p>\n It is crucial that financial organizations understand the\u00a0threat landscape<\/strong>\u00a0and how it is evolving. Additionally, it is essential to comply with existing\u00a0cybersecurity regulations<\/strong>.<\/p>\n Among the preventive measures that should be taken, the following stand out:<\/p>\n However, even with proactive and preventive technologies and approaches, a clearly\u00a0established policy from management<\/strong>\u00a0is required, along with continuous efforts to instill a\u00a0culture of cybersecurity<\/strong>\u00a0throughout the company.<\/p>\n At\u00a0Baufest, we offer\u00a0advanced cybersecurity services<\/strong>\u00a0and support financial institutions in strengthening their strategies in this field. This ensures that their\u00a0digital banking platforms and applications are secure<\/strong>\u00a0and provide the best possible experience for their customers.<\/p>\n","protected":false},"excerpt":{"rendered":" The advanced digitalization of the economy and operations not only optimizes the efficiency of financial institutions and enhances the experience of banking customers but also exposes new vulnerabilities and diverse threats that require a proactive and strategic approach. As customers… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-67","post","type-post","status-publish","format-standard","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/posts\/67","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67"}],"version-history":[{"count":1,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/posts\/67\/revisions"}],"predecessor-version":[{"id":68,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=\/wp\/v2\/posts\/67\/revisions\/68"}],"wp:attachment":[{"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/d917.daikinvina.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Financial Cybersecurity<\/strong><\/h2>\n
Fraud Prevention<\/strong><\/h2>\n
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