For those of you who have bank accounts in Panama, you may have noticed recently, the high levels of security that are being adopted. A lot of the physical dongles and bingo-like credit size cards, have been replaced with Apps for your Smart Phones called Tokens. You can transfer up to $75,000 per day at Global Bank with a Smart Phone, the Global App and a Token. Cyber security is getting better all the time, so that cyber crooks can't break into the Panama banking system like they did in Ecuador and Chile. Here is a story on the subject from the Star newspaper in Panama.
Companies seek to be in a technological ecosystem that is challenging and moving at an accelerated level, especially in the financial and banking sector.
Although Panama is a country that has been adopting digital banking alternatives and has modernized its financial ecosystem, it is necessary to implement better technological solutions that promote security and business continuity.
"We can no longer see technology as an option. It is a strategic tool for business, it tells us where the market is going and who leads it, "says Carlos Meléndez, regional commercial director of KIO Networks for Central America and the Caribbean. In the banking and finance sector, there must be a technological ally with experience in customized solutions that allows organizations to operate continuously and safely.
Security is a priority issue for digital banking since financial institutions tend to be the preferred target of cyber criminals, so this sector should pay special attention and seek the best cyber security solutions; since in addition to the economic and information losses, the interruption in the operation of the bank affects the growth of the business, as well as the credibility and confidence of the customers. For example, in 2015, Banco del Austro in Ecuador suffered a loss of 9 million dollars and in 2018 the Bank of Chile lost 10 million at the hands of hackers.
The Inter-American Development Bank mentions in its report Panama: challenges to consolidate its development that the country has high economic income and a series of assets that favor the development of new activities and promote competitive advantages, such as the promotion of the digital economy. Panama is the second country in the region to adopt digital alternatives. However, for this trend to continue growing and the Panamanian financial reality to be competitive with other digital ecosystems in the world, it is necessary to implement better technological solutions that promote security and business continuity.
"At KIO Networks we have Data Centers of the highest availability and redundancy in the market, which provide ultra low latency connectivity services and high standards of physical security with a 24x7 operation 365 days a year. In addition to managing cybersecurity tools tailored to monitor information and evaluate and manage risks to prevent the information and operation of our customers is put in danger, "ends Meléndez.
Companies seek to be in a technological ecosystem that is challenging and moving at an accelerated level, especially in the financial and banking sector.
Although Panama is a country that has been adopting digital banking alternatives and has modernized its financial ecosystem, it is necessary to implement better technological solutions that promote security and business continuity.
"We can no longer see technology as an option. It is a strategic tool for business, it tells us where the market is going and who leads it, "says Carlos Meléndez, regional commercial director of KIO Networks for Central America and the Caribbean. In the banking and finance sector, there must be a technological ally with experience in customized solutions that allows organizations to operate continuously and safely.
Security is a priority issue for digital banking since financial institutions tend to be the preferred target of cyber criminals, so this sector should pay special attention and seek the best cyber security solutions; since in addition to the economic and information losses, the interruption in the operation of the bank affects the growth of the business, as well as the credibility and confidence of the customers. For example, in 2015, Banco del Austro in Ecuador suffered a loss of 9 million dollars and in 2018 the Bank of Chile lost 10 million at the hands of hackers.
The Inter-American Development Bank mentions in its report Panama: challenges to consolidate its development that the country has high economic income and a series of assets that favor the development of new activities and promote competitive advantages, such as the promotion of the digital economy. Panama is the second country in the region to adopt digital alternatives. However, for this trend to continue growing and the Panamanian financial reality to be competitive with other digital ecosystems in the world, it is necessary to implement better technological solutions that promote security and business continuity.
"At KIO Networks we have Data Centers of the highest availability and redundancy in the market, which provide ultra low latency connectivity services and high standards of physical security with a 24x7 operation 365 days a year. In addition to managing cybersecurity tools tailored to monitor information and evaluate and manage risks to prevent the information and operation of our customers is put in danger, "ends Meléndez.
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