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Cyber Risks and Information Security in Latin America & the Caribbean

According to Forbes, 60% of businesses in Latin America faced cyber-security incidents in the past year.

While 2019 evidenced the decrease of massive attacks and a transition towards attacks directed at enterprises, ESET Security Report 2020 for Latin America reveals that 60% of organizations surveyed affirm that their primary concern is proper access to information. ESET report also analyzed other types of threats, like phishing & mining for cryptocurrencies, among others.

Deloitte’s 2019 Report on Tendencies for Cyber Risk & Information Security in Latin America and the Caribbean states that major organizations in Latin America are immersed in the development of strong digital businesses and thus, face the threat of major exposure to cyber attacks within this new context.

Deloitte identified four main trends:
1.- 4 out of 10 organizations suffered a cyber security incident within the past 24 months.
2.- Organization in Latin America are incrementing their cyber risk management and information security budgets.
3.- Organizations currently possess limited cyber security monitoring capacities.
4.- Almost 7 out of 10 organizations have implemented an awareness program of some sort in terms of cyber security.

The report also shows that 69% of organizations considered cyber security to be extremely important for their management and governance models, while also showing that only 17% of organizations at a regional level assigns 11% of their total Information Technologies budget to cyber security.