Baxico to Enhance SPEI Cybersecurity Measures

Changes to the Interbank Electronic Payment System (SPEI) entered into effect, aiming to improve cybersecurity conditions and protect the interests of digital banking users, says Banxico. The measure comes amid increasing digital transactions in Mexico. 

Through the Official Gazette (DOF), Banxico announced changes to the financial system, aiming to enhance the cybersecurity frameworks applicable to SPEI’s rules. These changes entered into effect on Dec. 19, 2023, but were announced on Nov. 22, 3034.

One of these measures is the inclusion of the term "cyber resilience,” which involves implementing contingency processes for information security to enhance infrastructure and data centers. The inclusion of the terminology aims to provide those conducting transfers with a safer and more efficient experience. 

Banxico outlined that entities engaging in SPEI must have technological tools and a framework of policies and procedures. This framework should enable them to prevent, respond, adapt, and recover from operations in the face of potential cyberattacks or similar incidents. For those entities conducting a significant volume of transfers, specialized contingency methods will be implemented. These methods must be designed to ensure operational continuity in emergency contexts without jeopardizing the stability of systems. 

Similarly, participants’ computing infrastructure related to SPEI must implement tools to prevent the execution of unauthorized files, thereby enhancing security in the flow of data and access to information. 

Among other requirements to become a participant in the SPEI system, Baxico outlined the use of secure communication protocols. Participants must implement tools and procedures for detecting and addressing computer viruses, ensuring regular updates. Additionally, they are required to manage vulnerabilities in computing infrastructure. Furthermore, participants are expected to inhibit the activation of unnecessary services and the installation of non-essential applications or software in the computing infrastructure crucial for SPEI operations.

While cash is still the most widely used payment method in Mexico, electronic payments are becoming more common. The use of transfers reached a total of 2.6 billion transactions in 2022, over 42.% more when compared to 1.8 billion registered in 2021, as reported by el Economista. The increase in transactions through SPEI is associated with a greater number of mobile applications, as well as the impact of the COVID-19 pandemic. The pandemic has facilitated the shift of transactions traditionally conducted in-person to a digital format due to the increased availability of such alternatives, not only from banks.