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( GDPR), have reinforced the need to protect customer information and maintain robust security controls in all digital environments. At the same time, they place complex demands on the financial sector, which must constantly adapt to these requirements while facing an evolving threat landscape.
“ This regulatory pressure requires a two-pronged approach: regulatory compliance and cybersecurity. Only in this way will institutions be able to improve their operational resilience, have greater visibility of their digital assets and effectively mitigate risks,” Palacios said.
Top Cyber Threats to the Financial Sector
The banking, financial services and insurance sector accounts for about 29 % of the cybersecurity market in Latin America, driven by the accelerated digitization of services and its attractiveness as a target for sophisticated attacks.
Forrester’ s study highlights that 88 % of financial institutions have suffered at least one significant incident in the last 18 months and 60 % have had to bear remediation costs due to non-compliance. These events not only affect operations, but also the reputation and financial stability of organizations.
Forrester’ s study highlights that 88 % of financial institutions have suffered at least one significant incident in the last 18 months.
Among the most relevant threats are:
• Zero-day attacks: Exploiting unknown vulnerabilities with thousands of exploitation attempts in a few hours.
• DDoS attacks: Saturate networks with malicious traffic, causing operational disruptions and serving as a smokescreen for more damaging attacks.
• Ransomware: Encrypt critical data and spreads laterally through the network, affecting operations and demanding ransoms.
• Phishing and social engineering: Trick employees into gaining unauthorized access or installing malware.
• API attacks: Poorly protected APIs allow information to be stolen or fraudulent transactions to be executed.
• Brand Spoofing: Creating fake sites or deceptive profiles to scam customers.
To face this environment, Palacios stresses the need to implement flexible RegTech solutions( regulatory technologies) that allow compliance with multiple regulations in different jurisdictions. Collaboration between technology companies, regulators and financial institutions will be key to developing these tools.
In this sense, API security becomes critical. These solutions allow you to discover, monitor and audit API behavior in real-time, offering full visibility to detect and
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