Financial Cybersecurity: Protecting the future of the Ecuadorian Banking
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Financial Cybersecurity: Protecting the future of the Ecuadorian Banking


According to the latest study carried out by Kaspersky 2023, in Latin America the amount of Phishing increased sixfold. Ecuador is among the countries with the highest number of phishing attacks, being the 5th country in the ranking. Another type of attack that skyrocketed in 2023 was banking Trojans with a growth of 50%

Quito, May 2024.- Data security is a critical aspect for any organization. The banking sector in particular, faces a series of challenges in terms of financial cybersecurity today, which requires innovative and adaptable solutions regarding data security, as well as emerging technologies that are being adopted to improve user experience, strengthen cybersecurity in digital banking and protecting the most valuable assets: customer’s trust and privacy.

Cybersecurity Challenges in Financial Services

The growing digitalization of financial services has opened new doors for innovation and customer convenience; however, it has also increased the attack surface for cybercriminals. Among the most pressing challenges faced by banking cybersecurity are:

  • Advanced Persistent Threats (APT)

APTs pose a significant risk to banking information security. These sophisticated cyberattack campaigns are designed to infiltrate financial institutions’ networks and steal customers’ confidential data as well as sensitive information.

  • Online financial fraud

The growth of e-commerce and online banking has led to an increase of online financial fraud cases. Cybercriminals use techniques such as phishing and skimming to access customers’ sensitive information, such as passwords and credit card numbers, in order to perform unauthorized transactions.

  • Regulatory compliance

Regulations and compliance standards, such as the Organic Personal Data Protection Federal Act involve strict requirements as far a personal data and online transactions protection and security are concerned. Additionally, with the increasing cloud data storage, companies must ensure that cloud service providers comply with the security standards established by the law. 

Addressing banking cybersecurity challenges with innovative technology

Faced with the challenges of online financial fraud, experts indicate that financial institutions, particularly in digital banking, are adopting emerging technologies to strengthen cybersecurity and protect customer data. Ricardo Pulgarín, Security Solutions Architecture Manager at Cirion Technologies, a leading digital infrastructure and technology provider highlights the role of technology to boost change and promote digital transformation in Latin America, offering integrated network, connectivity, colocation, cloud infrastructure, communication and collaboration solutions.

Some of the most promising solutions include.

  1. Artificial Intelligence (AI): AI offers advanced threat detection and response capabilities, allowing banks to identify anomalous behavior patterns and prevent cyberattacks before they occur. AI systems can analyze large volumes of data in real time to detect suspicious activity and respond proactively.
  2. Advanced data analytics: It enables a more effective security risk identification and mitigation for banks by analyzing large data sets to identify trends and patterns. By using predictive analytics techniques, banks can anticipate potential attacks and implement preventive measures to protect their systems and data.
  3. Automation of security processes: Security process automation allows banks to improve operational efficiency and reduce human risk by automating repetitive and error-prone tasks. From security patch management to incident response, automation helps ensure that systems are protected 24/7.
  4. Secure cloud adoption: The adoption of secure cloud infrastructures allows you to benefit from scalability and flexibility while maintaining high banking IT security standards. By using certified cloud providers and applying robust security measures, banks are able to protect their data and systems against cyber threats. Pulgarín emphasizes the importance of prioritizing information security above all while ensuring that customer data will be protected at all times.

In conclusion, cybersecurity in digital banking continues to be a critical challenge for the banking industry in an increasingly digitalized world. However, by adopting innovative technologies such as artificial intelligence, data analytics, process automation and secure cloud adoption, banks can strengthen their security posture and protect their customers’ data effectively. By addressing these challenges with innovative solutions, banks can ensure their customers’ trust and security while continuing to offer nimble and efficient financial services in the digital age.

About Cirion:

Cirion is a leading digital infrastructure and technology provider, offering a comprehensive suite of fiber network, connectivity, colocation, cloud infrastructure, and communication and collaboration solutions with the purpose of furthering Latin America´s progress through technology. Cirion serves more than 5,500 Latin American and multinational clients, including enterprises, government agencies, cloud service providers, operators, ISPs, and other leading companies. Cirion owns and operates a facilities-based network and data center portfolio, with extensive coverage spanning across the Latin America region. Learn more about Cirion at


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