Survey Says Mexican Firms Are Vulnerable to Cyber Attacks

Nearly half of Mexican companies suffer minor or large-scale cyber attacks, according to a survey conducted by global business consultancy firm Earnest and Young.  The most targeted sectors are finance, …

Nearly half of Mexican companies suffer minor or large-scale cyber attacks, according to a survey conducted by global business consultancy firm Earnest and Young.  The most targeted sectors are finance, telecommunications, pharmaceutical, automotive and aerospace.

Attacks of this kind have caused thousands of dollars in losses for the companies involved. The study indicates that 45% of Mexican companies do not have effective mechanisms in place to identify how vulnerable they are to cyber attacks.

Several companies in the country have also faced penalties for their failure to comply with federal regulation on privacy.

As technology is advancing Mexican companies must take actions to protect themselves from cyber attacks, suggested the advisory firm, according to the Spanish publication Brujula Financiera, which published the report.

Businesses must realize that investing in cyber security is a strategic investment that will help them to avoid losing money in the event of an attack, said Christian Andreani, executive director of the advisory firm.

Most of the vulnerabilities detected by the enterprises were related to the use of mobile computing, social networking and cloud computing. In other words, most of the attacks are blamed on employees using their personally-owned devices for work-related activities.

Earnest Young said the issue of cyber attacks is no longer “child’s play” but an increasingly important strategic decision. The advisory firm said a significant number of companies in the country do not take cyber security seriously.

About 50% of adults worldwide are victims of cyber crime every year and the cost to the global economy is up to $500 billion annually, according to Microsoft.

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