Latin America. The size of the cybersecurity market exceeded $150 billion in 2019 and analysts say it is poised to grow at more than 15% through 2026.
Regarding the state of the cybersecurity market in Latin America, it presented an evolution in 2020 of around 7% compared to 2019. As shown in the report "TOP 100 INTEGRATORS ELECTRONIC SECURITY 2022", it is expected that the figures will continue to grow over the next few years to the same extent that digitalization is deepening in Latin American society.
Faced with this, it is expected that by 2025, the cybersecurity market will have grown more than 51% compared to 2019 in Latin America, reaching 26 billion dollars. It is then that the level of investment in cybersecurity becomes increasingly important both to enhance supply and demand.
In that sense, the International Development Bank (IDB) in partnership with the Organization of American States (OAS) pointed out which countries in Latin America and the Caribbean should invest more in cybersecurity, especially since, of the 32 countries investigated, 16 of them do not have the capacity to respond or with adequate coordination in the face of invasions. Only four countries reached the intermediate level of development in this regard.
Likewise, the report "TOP 100 INTEGRATORS ELECTRONIC SECURITY" stated through an analysis on "CYBERSECURITY IN LATIN AMERICA: GROWTH AND MAIN THREATS" that: "The cybersecurity industry landscape is characterized by a growing adoption of software and security solutions in various industry verticals to address the growing threat caused by cyberattacks."
In addition, the document evidenced that "different forms of cybercrime, such as hacking and phishing, have increased rapidly, especially after the increasing use of the Internet during the quarantine phase of COVID-19. This has led to business disruptions and financial losses around the world."
Nayia Barmpaliou, Head of Public Policy and Initiatives At the World Economic Forum's Center for Cybersecurity, added: "Before the pandemic, cybersecurity breaches and data breaches were becoming the main obstacles to the digital economy. Cybercriminals quickly take advantage of new attack vectors and benefit from gaps in law enforcement cooperation in different jurisdictions, given the inherently transnational nature of their malicious activities. In turn, the risk of cyber attacks on critical infrastructure and fraud or data theft has always been a priority for business leaders globally."
The report that contains an in-depth analysis of the market in electronic security emphasizes the great challenges of cybersecurity, as well as those of the Internet. In it, he affirms that "the countries of Latin America and the Caribbean must continue to promote greater investment cooperation among themselves, involving all relevant actors, as well as establishing mechanisms for monitoring, analysis and impact evaluations related to cybersecurity, both at the national and regional levels."
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