Mexico’s central bank initially reported real-time processing issues a couple of weeks ago when they noticed cyber threat activity surrounding their encrypted network that allows for real-time payments to be transferred between private accounts. Reports indicate that operational incidents reflect the workings of hackers attempting to intercept these real-time payments. Although they were initially able to protect their customers and banks by transitioning to their contingency protocol, recent reports indicate that the hackers were able to steal over $15 million from dozens of different bank branches.
According to the central bank, the cyber criminals stole $15 million by creating fake money orders and phony accounts in order to withdraw the funds. The hackers sent hundreds of money orders in order to steal hundreds of thousands of pesos, then quickly had their boots on the ground to withdraw the money before the banks were able to stop the attack. The bank is working to mitigate this cyber threat, but assures that customers were not affected in this cyber attack.
It’s important to note the consistency of cyber risks and threats surrounding network exposures, regardless of industry. All businesses are utilizing internet connections, accessing data, transacting payments, and distributing customer information, but not every business is protected against modern day exposures.
Evolve MGA offers cyber security insurance that covers policyholders in the event their cloud data is hacked, lost, or stolen, as well as cyber risk resources to protect employees from falling victim to a hacker’s attempt to accessing your system. Our cyber insurance specialists are here to equip your business or clients with a free cyber quote and cyber insurance policy to provide the best possible cyber coverage.
If you’d like to read more about Mexico’s central bank cyber attack, click here.