Mexico faces significant challenges in cybersecurity due to the rapid expansion of digital activities, low awareness of cybersecurity, and outdated laws.
A lack of cybersecurity awareness makes us tempting targets for online predators. More importantly, without proactive measures to protect our data and systems, we become prime candidates for ransomware, malware, and phishing attacks.
In addition, this lack of awareness can lead to poor practices such as weak passwords or neglecting software updates, making life even easier for cybercriminals. This can delay the detection of threats and the response to potential attacks. And believe me, attacks are happening every day.
Mexico is particularly attractive for cybercriminals due to its large number of Internet users who still do not properly assess cyber risks. Moreover, Mexico’s Personal Data Protection Law, dating back to 2011, is not equipped to handle the new threats and challenges of the digital age. However, it is worth noting that a new cybersecurity law is currently in the works, as we have previously mentioned.
Criminal groups in Mexico are becoming increasingly professional. They are using the national territory as a testing ground for their attacks on the US, Europe, and Asia.
Specifically, there is a worrying increase in the hijacking of corporate data worldwide. Commonly known as ransomware, this involves encrypting files or restricting access to a computer system, with a ransom demanded for their release or decryption.
Mexico is no exception to this plague. In 2023, the country ranked second in Latin America for detections of this type of malware. So far in 2024, ransomware continues to be a significant problem, leading to immense economic losses, as we will discuss below.
Yes, that Coppel. This giant in the department store (and financial services!) sector was the target of a sophisticated cyberattack that significantly disrupted the operation of its online store. The attack caused errors, slowed browsing, and made it impossible to complete purchase transactions.
Various sources report a minimum of 48 hours of system paralysis and weeks of gradual recovery of services. Furthermore, although these are only preliminary estimates, the economic losses are projected to exceed 100 million pesos (approximately 5.5 million USD), and it remains uncertain whether full recovery will be achieved.
The cyberattack not only disrupted the operations of Coppel’s online platform but also affected the regular functioning of its warehouses and its Retirement Fund Administrator (Afore).
If this can happen to a company of Coppel’s size, imagine the devastation a successful cyberattack could cause to a small or medium-sized enterprise (SME). And yes, smaller organizations with less visibility are also targeted by cybercriminals.
In conclusion, only a combination of preventive measures and heightened awareness of the importance of online security can effectively mitigate the impact of future incidents in the country.
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