The financial system is facing a growing threat from cyber criminals, with attacks doubling in frequency and sophistication in recent months. This has been particularly felt in Mexico, where the Bank of Mexico has reported a rise in cyber threats compared to pre-pandemic levels. These attacks can have significant consequences for the financial system as a whole, potentially impacting services and trust in financial institutions.
To combat this threat, the Bank of Mexico and regulatory bodies are taking measures to prevent and monitor cyber risks. One of their main concerns is the growing use of artificial intelligence (AI) in cyber attacks. While AI can bring benefits to the financial system, such as automation and fraud detection, it can also be used by cybercriminals to carry out more sophisticated attacks, such as phishing scams.
In the past six months, two cyber attacks have been reported by regulated financial institutions in Mexico. While these attacks did not have a significant economic impact on clients or institutions, they highlight the ongoing threat of cybercriminal activity, data kidnapping, and credit card information theft. These threats can disrupt services and cause inconvenience to customers.
The Bank of Mexico is closely monitoring the evolution and adoption of AI and other technologies in the financial system, incorporating them into its risk management practices. They are particularly concerned about the use of AI in spreading fake news, which could impact trust and lead to financial instability. The central bank is working to stay ahead of these risks and ensure the security of the financial system.
