The recent cyber breach of five firms in Mexico and the USD15m exploitation of their connections to the SPEI  domestic payment system  have placed a spotlight on Latin American cybersecurity. However, while the losses may have raised awareness in the region, there is still much work to be done by corporates and their treasuries to prevent this sort of breach becoming more commonplace. Carlos Gonzalez Fillad, Managing Director, Regional Head of Latin America, Global Liquidity and Cash Management at HSBC, examines the current cybersecurity landscape in the region and explores some of the best practices for cyber risk mitigation.
The cyber landscape
Corporate awareness and activity
Even before recent events in Mexico, which followed similar breaches from around the globe, corporate treasurers were becoming increasingly concerned about cybersecurity issues. A report by Celent  in November 2017 revealed that 82% of treasurers cited cybersecurity as their number one concern. Yet despite this, corporate preparations appear less than comprehensive, as the report also revealed that globally: