Title Title
The Organization of American States (OAS) holds a news conference in Washington Cyberattacks cost LatAm banks over $800 million in 2017, says OAS
Summary Summary
  Large banks' digital security budget shot up by 65 percent compared to the previous fiscal year
Highlights Highlights
Content Content
  <strong>Over 90 percent of banks in Latin America and the Caribbean were targets of cyber attack attempts last year – with 37 percent reporting successful intrusions, overwhelmingly for economic reasons – and over half of customers don't use digital banking services do so because they don't trust the safety of these transactions, according to a <a href="http://www.oas.org/es/sms/cicte/sectorbancarioeng.pdf?utm_source=OAS+Press+Subscription+List&amp;utm_campaign=5d33b879f7-EMAIL_CAMPAIGN_2018_09_25_10_04&amp;utm_medium=email&amp;utm_term=0_c0f6eeace4-5d33b879f7-415774489">comprehensive report published by the Organization of American States (OAS)</a>.</strong>
  The study, which examined data from 191 banks throughout the region with a total of assets close to $1 trillion, estimated that the total annual cost of response and recovery to cyberattacks for banks in the Latin American region was roughly $809 million in 2017.
  In a statement, OAS Secretary General Luis Almagro said: "Guaranteeing the safety of citizens, businesses and governments in the online world is one of the priorities on countries' agendas, since the opportunities offered by digitalization also present risks that must be combatted."
  Separately, <a href="https://www.bbc.co.uk/news/business-45634362">the BBC reported September 25</a> that scammers stole more than £500 million ($657.5 million) from customers of British banks, much of it online.
  <h2>What are the OAS reports main findings?</h2>
&nbsp <ul>
   <li>How do figures for small, medium, and large banks compare?</li>
  </ul>
  [contribute-c2a text="You can edit or expand this story" buttons="edit"]
  <h2>What are the reports main recommendations?</h2>
  [contribute-c2a text="You can edit or expand this story" buttons="edit"]
  <h2>What are some examples of major cyberattack attempts on Latin American banks?</h2>
  [contribute-c2a text="You can edit or expand this story" buttons="edit"]
  <h2>How does digital banking penetration in Latin America compare with other regions?</h2>
  [contribute-c2a text="You can edit or expand this story" buttons="edit"]
Categories Categories
  Crime
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