Mexican Banks Are Said to Have Been Targeted in Cyber Attack

Mexican Banks Are Believed to Have Been Targeted in Cyber Assault

  • Three banks experienced ‘ incidents’ in recent days: Banxico
  • Banorte program back up; BanBajio using alternate SPEI system

Cyber attackers attemptedto penetrate Mexico’ s electronic transaction systems Friday, forcing three banking institutions to enact contingency plans, based on people familiar with the matter.

Three banking institutions experienced “ incidents” in current days when operating the SPEI, Mexico’ s interbank electronic exchange system, and will be connecting to the main bank’ s network under “ contingency schemes, ” Banco de Mexico said in a statement Fri evening. That could cause delays within money transfers, according to the statement, which usually noted that the central bank’ t SPEI infrastructure and client cash haven’ t been affected.

Grupo Financiero Banorte had an “ incident” by having an intermediary process of the system it uses for connecting to the central bank’ s money-transfer network, but service has been reestablished, the bank said in a tweet Fri afternoon. A spokesman declined in order to comment on whether Banorte was focused by cyber attacks.

Cyber episodes targeting banks appear to be happening with additional frequency, said one of the people, who also asked not to be identified without having authorization to speak publicly. The spokeswoman for Mexico’ s financial association, known as the ABM, declined in order to comment.

Alternate Network

The central bank asked Banco del Bajio SA to connect towards the SPEI using an alternate network Fri, but the lender’ s payment exchange system never failed and no customer money was affected, a speaker said. No government banks signed up any problems, the Finance Ministry said in an emailed response to queries from Bloomberg.

The particular assault came less than four weeks after hackers attempted to steal cash from Bancomext , Mexico’ s government-run foreign trade bank, causing the lender to postpone operations in its international payment system. Bancomext said that it was able to contain the scenario thanks to its protocol and assist from the authorities, including Banxico.

The SPEI system , set up in 2004, lets users digitally transfer money between deposit balances through a private, encrypted network managed by Mexico’ s central financial institution, according to Banxico’ s website.

Banco de Mexico notified the public to the dangers of internet attacks in a report in Oct 2017, saying that regulators have recognized the possibility that these could include systemic attacks on financial systems. Within the report, the central bank performed up the importance of the authorities within preserving the stability of monetary systems when faced with such episodes.

Authorities are important since there’ s a “ insufficient detailed and sufficient information about episodes of this type that have occurred towards financial institutions, ” Banxico said. “ That’ s because institutions might have incentives to not reveal such info out of fear that their status with clients could be damaged. ”