SANTO DOMINGO.-The Dominican Republic's Multiple Banking Association (ABA) promotes high standards in cybersecurity in the financial sector through staff training and development, the adaptation of risk management plans, and substantial investments in technology within the banking sector.
The ABA stated that the industry is aware of the challenges posed by the digital environment, not only for the banking sector, but for the entire productive sector, as revealed by a 2023 survey conducted by the technology company Sophos, among 3,000 cybersecurity leaders from 14 countries.
The study noted that 94% of the organizations surveyed, regardless of size or income, suffered some type of attack in the last year and also reported an acceleration in the activity of cybercriminals who can execute a wide range of sophisticated attacks, which entails financial, operational and resource consequences for the entities that are the target of these attacks, the association stated.
Some steps to manage the risk of cyberattacks
Through its Yo Navego Seguro platform (www.yonavegoseguro.com.do), the Association of Banks highlighted aspects to consider in order to avoid data theft, cyber extortion and other cybercrimes that can affect companies, businesses and other types of organizations, among which it emphasizes proper risk management in cybersecurity that allows a quick and appropriate response to incidents.
As basic steps, it recommends identifying the information system assets, that is, all the resources that allow the different processes of the company to function correctly and, subsequently, determining the threats to which it is exposed, that is, what are those possible unfavorable circumstances that would cause its malfunction or loss of value.
Similarly, the weak points of the assets must be specified and the security measures that the company applies must be verified in order to estimate the probability of the threat occurring and what the consequences would be for the company.
He advised that, after determining the risk level of the asset inventory, the organization should define what actions it is willing to take, whether through company resources or those managed by third parties.
Regarding this risk management, Sophos recommends that organizations establish a virtuous circle that combines technology and human expertise to boost cybersecurity defenses, facilitating an increase in the speed, effectiveness, and impact of the response.
In addition to these suggestions, the ABA insisted that training and awareness of all employees in cybersecurity is essential to avoid any human-related risks that could compromise the security of technological systems and, therefore, the entity's operations.
