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July 10, 2018

Mexico asks banks to beef up security to thwart cyber attacks

Mexico has alerted the domestic banks about potential cyber attacks and ordered them to strengthen preventive security measures.

In a statement, the Mexican authorities including the central bank Banco de México and the finance ministry said that the order is a part of the preventive measures without providing further details.

An official, on the condition of anonymity, told Reuters that the authorities issued the new directive following the identification of a potential cyber attack late last week.

The contingency measures include activating all protocols formed after the recent cyber attacks on banks.

In May, the central bank announced that a cyber attack on a payments system sucked out around $15.3m. The names of the affected banks were not divulged.

Following the attack, Banco de México decided to form a cyber security unit to provide new guidelines to all banks on information and data security.

Additionally, the Mexican attorney general has formed an ‘Immediate Response Group’ in collaboration with financial authorities in a step to issue alerts and notify the banks instantly during any form of security breaches or cyber attacks.

Last week, Mexican cryptocurrency exchange platform Bitso detected a cyber attack, following which it suspended all transactions. Later it said all funds are safe and intact.

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