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Financial cybersecurity in the Latin American region

Santo Domingo, August 2019. – According to a study by the Organization of American States -OAS-, at least nine out of ten banks in the region suffered cyberattacks during 2018. This translates into 90% of banks Latin American and Caribbean participants in the study were attacked.

Of these, 37% acknowledged having been victims of an effective attack, which represents vulnerabilities in the sector that affect almost 40% of banks. According to the World Economic Forum, by 2021, the cost of attacks of this type is expected to exceed USD 6,000 million.

It is not a new issue that attacks on financial institutions are more frequent and have been refined over the years, but the same has happened with the offer of cybersecurity available in the market to meet these challenges.

In this regard, the EY Global Information Security Survey indicates that only 13% of organizations in the world currently make an investment in cybersecurity according to their needs, but it is a number that will increase in the coming years due to the importance of the subject.

Taking into account that adequate investment in IT must be personalized, experts in this area have created portfolios of solutions that allow any organization to keep their information secure, through options adaptable to the needs of organizations that are waiting to be taken advantage of.

Supplementary Security

Providing the capabilities for handling an incident life cycle is key when discussing financial cybersecurity. Beyond prevention (evaluation, analysis, and risk identification), monitoring, reaction, and containment of attacks must be taken into account.

Have the right plan, the right solutions, and an expert team to support organizations for the critical management of a cyber attack. The reaction in the first 48 to 72 hours is vital to reduce the risk in the vulnerability of information, ensure a speedy economic recovery with the least possible impact to maintain continuity in operations.

Gustavo Chapela, director of KIO Cyber ​​Security, indicates that, despite the statistics related to cyberattacks in any sector, “a reactive approach to cybersecurity still prevails and most companies consider a check-up unnecessary, which consists of an evaluation of active infrastructure, which includes holistic risk management.”

When you have a cybersecurity strategy, the investment and resources to an attack are optimized, and the risks to the digital assets of any organization decrease.

How to take the first steps?

Establish comprehensive security protocols that cover the entire life cycle of an incident with a trusted technology ally that facilitates the adoption of these services safely. KIO Networks, an international company founded with Mexican capital, offers a robust portfolio that goes from prevention to immediate action in the event of an incident, managing the security of the technological infrastructure of any business.

About KIO Networks

We are one of the most innovative information technology companies in Latin America, founded in 2002 with 100% Mexican capital. We provide Critical Mission Information Technology Infrastructure Services that operate 40 state-of-the-art Data Centers, with the highest security, availability, and density in the region, with a presence in Mexico, Panama, Guatemala, the Dominican Republic, and Spain.

In addition, we offer integrated IT services and solutions, both for the public and private sectors, supported by methodology, processes, tools, and certified personnel to provide the most rigorous levels of service in compliance with global standards.

We have 6 Business Units, aimed at serving in strategic areas for organizations such as the administration and operation of IT infrastructure with placement services, managed complex hosting, services in virtualized environments, business applications, cybersecurity, and data analytics.

KIO Networks symbolizes the essential elements of duality and redundancy, core components of the company’s services.

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