• ESCALATION: The number of cyber security incidents against Mexican financial institutions have grown from an average of one report every quarter in 2018 to an average of four reports every quarter in 2019, according to Mexico’s Central Bank latest Financial Stability Report.
• DAMAGE: In a listing of the main cyber security incidents of 2019, the Central Bank presented 8 attacks that landed a damage of USD 40.3 million including one by third party contractors that used malware to redirect interest deposits into checking accounts (worth USD 23.7 million).
• CONTAGION: “Regarding cyber risk, this is one issue of great importance both because of the potential potential systemic impact that it could have and also because of the possible speed of contagion…within the financial system”, said Alejandro Díaz de León, the central bank’s president.
• PRECEDENT: The Mexican financial system still has fresh memories of the 2018 cyber attack against the National Bank of Foreign Trade (Bancomext) through which North Korean hackers were able to steal at least USD 110 million, according to a report by cyber security firm FireEye.
