Bank sanctions for deficient cybersecurity



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The Bank of Mexico, led by Alejandro Díaz de León, will apply sanctions in the coming weeks to virtually all banks and institutions participating in the system due to non-compliance with IT security and business continuity measures. of payment. Interbank Electronic, SPEI

According to Circular 14/2017, the 96 financial institutions participating in the SPEI were required to comply with the new, more stringent cybersecurity measures, by January 31st at the latest. last April, Banxico detected that the vast majority have delays and shortcomings. Paradoxically, one of the objectives of Circular 14/2017 was precisely to protect interbank payment transactions against possible cyber attacks.

Among the measures adopted by Banxico after this cyber attack, which affected Banorte, Inbursa, Banjército, Kuspit, and a savings bank, is the in-depth review of compliance with Circular 14/2017 and two new circulars issued in May: 4/2018 and 5/2018 that, among other measures, transfers for amounts greater than 50 thousand pesos can only be withdrawn in cash within 24 hours of the wire transfer.

The maximum fine that the central bank can apply is 100,000 times the minimum wage, according to its law, or a percentage of the capital of the central bank. bank in accordance with the Law on Credit Institutions. The sanction will depend on the degree of non-compliance with security measures and, in the case of institutions directly affected by the cyber attack, the time needed to inform the authorities and whether or not this affects the banking system.

19 ESTABLISHMENTS CONTINUE AT CHAOS

Another Banxico measure adopted after cyberattacks against the electronic payment system of 5 banks, by means of false transfer orders, which did not directly affect the SPEI, was to force the banks to operate in the system of Nearly three months of cyber attacks that occurred between April 24 and May 8, there are 19 institutions that continue to operate in the SFOC, and what is surprising in the case cybercrime. the 5 groups affected by cyber-operation operate not only in the SFOC, but do so in the central bank's own facilities.

It is surprising, of course, when it comes to Banorte, who is already second They will have to make a bigger effort in
cybersecurity for Banxico to allow them, first, to operate in the COAS. Alejandro Díaz de León takes cybersecurity very seriously and it is better for all banks to do the same, because otherwise they will face severe penalties.

TREASURY: NO IRREGULARITY IN THE INCREASE OF OFFICES

The Ministry of Finance, led by José Antonio González Anaya, informed that the 3.4% increase in tabular or update was according to the Federation's Budget of Expenditure approved by the House of Commons for 2018

He explained that each year the table is approved for updating and that the salary increases granted to public servants are approved in Appendices 7 and 25 of the Federation budget expenditure decree and the goal is to maintain the power of salary purchase compared to 2017. This year is a negative increase in real terms because it is lower than the inflation of 2017 which was 6.77 percent.

US SAFETY OF NON-VULNERIC VEHICLES

The US Department of Commerce, headed by Wilbur Ross, continues its public hearings to justify the imposition of duties on auto imports, arguing, as in the case of steel and aluminum, that they national security and, therefore, should not be subject to retaliatory action by the affected countries.

The Mexican ambassador to the United States, Gerónimo Gutiérrez, participated in these hearings arguing that the import of cars and auto parts of Mexico are part of the integration chain North America and in no way violate the security of the United States. [196] 59017]! function (f, b, e, v, n, t, s) {
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