At a time when the global cybersecurity landscape is changing exponentially, Jack Haime - VP of Sales at IFX Networks, one of Latin America's leading MSPs, gives his take on why Latin America is a target rich environment for malicious actors.
Latin America finds itself grappling with a profound cybersecurity challenge, emerging as the least prepared region globally for cyberattacks, as per the Global Cybersecurity Index by the UN's International Telecommunication Union.
Despite a surge in digitization, the region lags in developing cybersecurity capacity and implementing necessary legal measures. Notably, Latin America, with only 8% of the world's population, accounted for 12% of global cyberattacks observed by IBM's X-Force, emphasizing the urgency to address vulnerabilities. My intent is to explore into the reasons behind Latin America's attractiveness to threat actors and highlight the cybersecurity landscape, emphasizing the role of Managed Service Providers (MSPs) in fortifying digital resilience.
Why is Latin America Attractive to Cyber Criminals?
Latin America presents an attractive landscape for cybercriminals due to a confluence of factors. The region's rapid digital transformation, expanding internet connectivity, and increased reliance on technology create ample opportunities for malicious activities. Weak or inconsistent cybersecurity practices across various sectors, including government, businesses, and individuals, contribute to vulnerabilities. Economic and political challenges in some Latin American countries may divert attention and resources away from robust cybersecurity measures, creating a breeding ground for cyber threats.
The region's rapid digital transformation, expanding internet connectivity, and increased reliance on technology create ample opportunities for malicious activities.
Moreover, the diverse and interconnected nature of the region, coupled with differences in regulatory frameworks, makes it challenging to implement standardized cybersecurity protocols. The attractiveness also stems from the valuable data available, ranging from personal information to financial records, making Latin America an appealing target for cybercriminals seeking to exploit these vulnerabilities for financial gain or other malicious purposes.
According to the 2023 Global Cybersecurity Outlook study, there is a narrowing disconnect between how cyber leaders and business leaders perceive cyber issues. While both groups are more aware of the threat landscape, cyber leaders are making more frequent appearances before their boards, leading to a clearer understanding of organizational strengths and weaknesses in cyber capabilities. Cyber issues are now more integrated into enterprise risk management and receive increased board-level support. Time has emerged as a critical factor, with short tenures for cyber leaders and high turnover of cyber talent hindering long-term strategic planning and investment. The urgency for organizations to build systemic cyber resilience through concerted communication and a coordinated risk-driven improvement effort across the C-suite has surged.
Cybersecurity Landscape in Latin America
The cybersecurity landscape in Latin America is characterized by significant challenges and risks. South America, in particular, experiences the highest malware spread globally each year. Ransomware, despite a notable decrease, witnessed a significant surge in attacks, underlining the dynamic nature of cyber threats in the region. Managed Service Providers (MSPs) play a pivotal role in navigating these challenges, providing tailored cybersecurity measures to safeguard both corporate entities and public institutions.
Managed Service Providers (MSPs) play a pivotal role in navigating these challenges, providing tailored cybersecurity measures to safeguard both corporate entities and public institutions.
Despite facing the largest decrease in ransomware attacks, Latin America paradoxically saw the most substantial growth, emphasizing the need for strategic and integral solutions. The region's trend line in malware spread remains consistently high, requiring proactive measures for digital resilience. MSPs offer comprehensive cybersecurity solutions, bridging the gap in talent shortages and providing specialized expertise to fortify defenses.
Top Line Cyber Landscape Data for LATAM
Top Targets by Country
Brazil, Mexico, Colombia, and Peru are prime targets for cyberattacks in Latin America.
Vulnerabilities
Attack Trends
Sectors at Risk
Ransomware Landscape
Banking Trojan Surge
Phishing Spike
Mobile Malware
Spyware Alert
MSPs can collaborate with organizations to fortify their defenses, enhance resilience, and pave the way for a secure and digitally empowered future in Latin America.
Powerful Stats Reflect Impact of Cyber Crime in Latin America
- In the last 12 months, Latin America recorded 1,196 million 256,196 malware attacks, with a daily average of 3 million 277,414 attacks.
- Brazil reported 1,515 malware attacks per minute, leading the region, followed by Mexico (275), Colombia (117), Peru (107), Argentina (33), and Chile (27).
- Ransomware attacks in Latin America decreased by 27% in the last 12 months.
- Banking trojan attacks increased by 50%, with Brazil recording the highest number.
- Phishing attacks surged by 617%, with Brazil, Mexico, Peru, and Colombia being the most affected.
- Brazil faced the highest number of mobile malware attacks, with 1.2 million incidents in the last 12 months.
- The SpyLoan spyware is gaining traction in the Mexican and Latin American markets.
These findings underscore the urgent need for enhanced cybersecurity measures and resilience in the Latin American region.
Conclusion
As Latin America confronts the intricate landscape of cybersecurity threats, the role of Managed Service Providers becomes increasingly critical. These providers offer integral solutions tailored to address the unique challenges faced by both corporate entities and public institutions. By understanding the common threats and specific challenges in each country, MSPs can collaborate with organizations to fortify their defenses, enhance resilience, and pave the way for a secure and digitally empowered future in Latin America. The proactive engagement of MSPs is pivotal in addressing the pressing need for improved cybersecurity infrastructure, talent development, and government commitment in the region.
References and Further Reading