The increased use and demand for financial services encourages entities from all sectors to stay at the forefront of technological advances that promote accessibility and cost reduction for users.
Although digitization generates many benefits for the population and for the financial system, it also entails exposure to new risks, including cybercrime.
In the framework of cybersecurity webinaran essential element in banking Hosted by The Economistexperts agree that customer information security is essential for the growth of the financial sector and that technology can be the main ally if the appropriate processes are carried out.
Adriel Araujo, CEO of Hackmetrixbelieved that each company should analyze what measures are being carried out to protect their customers’ data and guarantee its proper use through appropriate technological processes.
“Today all companies with the rise of technology due to the pandemic use information for the greater benefit of their businesses and that information is the most valuable asset, so what I as a company have to do is guarantee that no one can access this data using protection tools, process policies, as well as procedures and controls in accordance with this new technological era”.
Erik Moreno, director of cybersecurity at Minsait Mexicoagrees that organizations are more mature and know that it is important to protect the information of their users, however in many cases they are unaware of the different measures and filters that must be taken into account to avoid cybercrime and that is where it should be start working, doing a risk analysis.
“Organizations know what their critical and sensitive information is, the point is how aware they are of the protection measures that must be implemented to protect these assets, in many cases they do not see much value in being able to define each of these stages of cybersecurity and it is there that we believe that as an organization that one layer is not enough”.
For its part, Christian Torres, co-founder and CEO of Kriptos He pointed out that in order to reduce the risks of cybercrime, the first thing is for each institution to have a strategy where each one determines the security filters according to the importance of the information.
In your participation, Alán Márquez, expert on the topic of Cybersecurity at Total Playrecommended that to carry out a cybersecurity strategy three main pillars must be covered: technology, processes and people, “the first thing is to identify where the critical assets are”.
Technology as an ally
According to the CEO of Hackmetrix, the trend in cybersecurity is for banks to be able to identify risks without stressing the customer and, through the use of technology, to reject transactions that are suspicious from the start.
One problem is that many of the banks continue to use the recipes of the last century and in view of which the fintechs are making their way with more innovative solutions in cybersecurity in favor of the client”.
The cybersecurity director of Minsait Mexico added that artificial intelligence must work as an ally to identify suspicious behavior and stop possible risks from the beginning.
“You must also have an analysis of the risks and thus be able to protect the most sensitive information, not everything is protected in the same way, and each control must be adapted to the sector and the user’s experience. These technological advances must be a component and enabler of our own cybersecurity strategy.”
the weakest link
Finally, the specialists agreed that work must be done to provide enough information so that customers are not victims of cybercrime through false phone calls posing as banks or emails where they expose their personal information.
“It is a cultural issue, an awareness issue, the client is the weakest link, but in the end, we in the cybersecurity part of banks have to provide the tools and the way in which that client can be protected, as well as we can carry out campaigns so that they know what fishing is, so that the user knows the implications of giving their information to third parties and give them the tools so that they can protect themselves”, concludes the Total Play expert.