Brazilian government and banking sector are debating the formation of a strategy to combat crime in digital environments amid increased concerns about cybersecurity threats.

Negotiations between Isaac Sidney, president of the Brazilian Federation of Banks (FEBRABAN), and Anderson Torres, minister of justice and public security, have begun. So Paulo’s federation office held a meeting on Friday to address it.

“The National Strategy Against Corruption and Money Laundering, which is led by the Ministry of Justice and has been in place since 2003, will feed the talks around the new plan to combat cybercrime,” says FEBRABAN.

Cybercrime actors would be identified and prosecuted more aggressively under the new policy, according to the association. Other Brazilian government goals include improving the technical understanding of the Brazilian security services and “promoting constant cooperation between public and private agents.”

The banking association’s goal also includes the joint development of systems for sharing fraud data via digital methods, as well as assisting the training of security forces in cybersecurity and digital fraud challenges, and using the association’s cybersecurity laboratory as a training resource. I Additionally, public awareness efforts on cyber-risks and fraud would be implemented as part of this plan.

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In a survey of the world’s top cybercrime targets, according to German firm Roland Berger, Brazil is now at number five. In the first half of 2021, the number of ransomware assaults in the country has surpassed the total amount witnessed in 2020, with 9.1 million incidents.

Due to a lack of investment, the private sector’s ability to cope with cybercrime has been compromised. Less than a third of Brazilian enterprises have security teams in place, despite the fact that most businesses are routinely attacked, according to a recent study. After the Covid-19 outbreak broke out in Brazil, according to a February survey, most Brazilian corporations haven’t boosted their spending in information and cyber security.