Cyberattacks cost LatAm banks over $800 million in 2017, says OAS

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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 comprehensive report published by the Organization of American States (OAS).

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, the BBC reported September 25 that scammers stole more than £500 million ($657.5 million) from customers of British banks, much of it online.

What are the OAS reports main findings?

  • How do figures for small, medium, and large banks compare?

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What are the reports main recommendations?

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What are some examples of major cyberattack attempts on Latin American banks?

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How does digital banking penetration in Latin America compare with other regions?

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