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May 16, 2018

Mexico to establish cyber security unit to protect domestic banks

Mexico’s central bank Banco de México has decided to establish a cyber security unit which would be responsible for devising and issuing guidelines to the domestic banks on information and data security.

All banks under the supervision of the central bank will have to implement and adhere to these guidelines.

The decision, notified through the government’s daily gazette, comes at a time when multiple Mexican banks were affected by a cyber attack on a payments system last month, reported Reuters.

The central bank did not disclose the name of the affected banks.

Banco de México Governor Alejandro Diaz de Leon was quoted by the news agency as saying that the country was suffered an ‘unprecedented attack on payment system connections’ and he ascertained that various steps would be taken to prevent such incidents in future.

Earlier this week, Reuters reported that hackers siphoned around MXN300m from various banks of Mexico transferring funds to bogus accounts. However, the amount withdrawn from these accounts is yet to be determined.

Bank Grupo Financiero Banorte, one of the largest financial institutions in Mexico, was also affected by this breach.

But, the bank stated that this incident will not affect its financial results.

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