Cyber-threats have been successfully targeting the financial sector worldwide. While much of the efforts and resources to address the risk imposed by these cyber threats are directed at developed economies, far less attention has been devoted to developing nations. Because many of these nations have modest cyber capabilities, their ability to respond to cyber-attacks can be limited, yet they need to respond to these attacks to protect their critical financial infrastructure. This study explores the challenges that the Ecuadorian financial industry confronts when dealing with cybersecurity incidents and examines two potential strategies often applied in the developed world-"Computer Security Incident Response Teams (CSIRT)" and "information sharing"-to improve the sector's cybersecurity capabilities to respond to the associated risk. Thirty-three semistructured interviews with multiple stakeholders (financial security managers and security officers, authorities, and managers at Internet service providers) were conducted using both structured and open-ended questions, and two cyber-attacks scenarios. Based upon a qualitative text analysis, this work reports on experiences with security incidents, barriers to responding to threats, and stakeholders' desired responses. We find that the Ecuadorian financial sector already confronts cybersecurity risks, driven by both outsiders and insiders, which result in fraud and operational failures. The sector faces constraints imposed by computer users' lack of awareness, scarcity of financial and technical resources, and challenges imposed by the ecosystem, such as little community support and weaknesses in the legal framework that has only recently been somewhat strengthened. In the pursuit of improvement, stakeholders' postures suggest that there is an opportunity to establish better incident response strategies for the Ecuadorian financial services through the creation of a CSIRT and an information-sharing program. To decrease uncertainty about threats, stakeholders are more likely to share technical information as opposed to quantitative information about security incidents.