Latin America. According to data from the World Bank, Latin America suffers the fastest increase in cyber incidents on a global scale. This increase is linked to the rapid digitalisation of the area, limited investment in cybersecurity and circumstances of political and economic instability.
According to Oswaldo Palacios, cybersecurity expert for Latin America at Akamai Technologies, "the secret lies in developing cyber resilience: the ability to resist, react and recover quickly from an attack." It is important for organizations to prioritize cybersecurity as a strategic leadership issue, as the global costs of cybercrime are estimated to exceed $10.5 trillion annually by 2025."
Companies in Latin America suffer, on average, 2.6 cyberattacks per week, a number that exceeds other areas such as Europe. The sectors that have the greatest impact include financial services, public management, health and communication. The most common attacks include denial of service (DDoS), ransomware, and theft of personal information.
The World Bank estimates that if a developing nation manages to reduce the number of severe cybersecurity incidents annually from 50 to 7, it could increase its Gross Domestic Product per capita by 1.5%. This effect is especially noticeable in highly digitized areas.
In areas such as Europe, regulations such as the Digital Operational Resilience Act (DORA), the NIS2 Directive and the Cyber Resilience Act (CRA) impose specific responsibilities to enhance preparedness for cyberattacks. These regulations are aimed at ensuring the recovery of the financial sector, the safeguarding of vital infrastructures and the protection of digital products throughout their life cycle.
"In Latin America, cybersecurity regulations are still fragmented and fluctuate considerably from nation to nation." Some countries, such as Brazil, Mexico, Colombia, and Chile, have begun to move toward stronger legal systems, but there are still significant disparities in public policy, investment, and technical skills.
The specialist also stresses that an effective strategy must focus on simplifying procedures and reducing complexity in activities. "If an entity relies on numerous security vendors, expenses increase and the likelihood of making mistakes increases." "The simpler the strategy, the easier it is to implement it properly."
The World Economic Forum, in partnership with the University of Oxford, suggests a number of suggestions for boosting cyber resilience, including: recognising that full cybersecurity is not feasible, anticipating disruptions, building resilience into business procedures, safeguarding essential information and learning from previous events.
"Attackers are already using artificial intelligence, human weaknesses, and gaps in regulations." If Latin America wants to prevent cyberattacks from paralyzing companies, public services or financial institutions, it is essential to adopt a cyber resilience strategy. Protecting what matters most, simplifying security processes, and learning from the most advanced regulatory frameworks can make the difference between a major crisis and a minor incident," concluded Palacios.
