Title Title
Cyberattacks cost Latin American banks over $800 million in 2017, says report Cyberattacks cost Latin American banks over $800 million in 2017, says report
Summary Summary
Large banks' digital security budget shot up by 65 percent compared to the previous fiscal year 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, according to a new <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">report published by the Organization of American States (OAS). </a></strong> <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, according to a new <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">report published by the Organization of American States (OAS). </a></strong>
The authors also discovered over half of customers don't use digital banking services because of a lack of trust in electronic transactions. The authors also discovered over half of customers don't use digital banking services because of a lack of trust in electronic transactions.
The comprehensive study, which examined data from 191 banks throughout the region with combined 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. The comprehensive study, which examined data from 191 banks throughout the region with combined 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." 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. 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> <h2>What are the OAS reports main findings?</h2>
<ul> <ul>
<li>How do figures for small, medium, and large banks compare?</li>  <li>How do figures for small, medium, and large banks compare?</li>
</ul> </ul>
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<h2>What are the reports main recommendations?</h2> <h2>What are the reports main recommendations?</h2>
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<h2>What are some examples of major cyberattack attempts on Latin American banks?</h2> <h2>What are some examples of major cyberattack attempts on Latin American banks?</h2>
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<h2>How does digital banking penetration in Latin America compare with other regions?</h2> <h2>How does digital banking penetration in Latin America compare with other regions?</h2>
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