Cybersecurity in Latin America: How Are We Doing?

Cybersecurity is one of the most important topics today, especially in Latin America, where cyberattacks are rapidly increasing. Cybercriminals are becoming more sophisticated in their techniques, and businesses and organizations in the region are struggling to protect themselves against these threats.

In this article, the ITD Consulting team presents a brief analysis of the current cybersecurity situation in Latin America. We will provide a list of the main cybersecurity events in the region and offer general recommendations for business owners and organizations that wish to protect themselves against cyberattacks.

Cybersecurity in Latin America: A Worrying Situation

Cybersecurity in Latin America is concerning due to the rise in cyberattacks in the region. According to a report from cybersecurity company Kaspersky, the number of cyberattacks in Latin America increased by 59% in 2020.

The most common types of attacks include phishing, malware, and brute force attacks. Additionally, cybercriminals are increasingly targeting businesses and organizations in the region.

A recent report from Pirani Risk Advisors states that cybersecurity is the most significant risk in Latin America in 2023. The report highlights that cyberattacks have become more sophisticated, and cybercriminals are targeting businesses and organizations of all sizes and sectors.

Moreover, cyberattacks are becoming more costly for businesses in the region. According to the report, the average cost of a cyberattack in Latin America is $1.75 million.

Main Cybersecurity Incidents in Latin America

• Cyberattack on Banco de Chile: In May 2018, Banco de Chile suffered a cyberattack that cost $10 million. Cybercriminals used a virus to disable the bank's systems and transfer money to fake accounts abroad.

• Cyberattack on the Mexican Government: In November 2020, the Mexican government experienced a cyberattack that affected several government agencies. Cybercriminals demanded a ransom to release the stolen data.

• Cyberattack on Banco del Austro: In January 2015, Banco del Austro suffered a cyberattack costing $12 million. Cybercriminals used phishing techniques to gain access to the bank’s accounts and transfer money to fake accounts in Hong Kong.

• Cyberattack on Banco de Costa Rica: In August 2019, Banco de Costa Rica was hit by a cyberattack that impacted its online payment systems. Cybercriminals used malware to steal login credentials and diverted money from customer accounts to fake ones.

• Taringa Data Breach: In September 2017, it was reported that the data of 28 million users of the Taringa social media platform had been leaked online. The data included usernames, email addresses, encrypted passwords, and other personal details.

• Cyberattack on the Lima Stock Exchange: In March 2021, the Lima Stock Exchange suffered a cyberattack that disrupted its trading platform for several hours. It is suspected that cybercriminals were trying to obtain confidential information from the companies listed on the exchange.

• Cyberattack on Caja Municipal de Ahorro y Crédito de Trujillo: In January 2021, Caja Municipal de Ahorro y Crédito de Trujillo experienced a cyberattack that affected its online payment systems. Cybercriminals used phishing techniques to access customer accounts and divert funds to fake accounts.

• Cyberattack on Ecuador's National Assembly: In March 2021, Ecuador's National Assembly suffered a cyberattack that affected its IT systems. Cybercriminals stole confidential information and leaked it online.

• Cyberattack on Energy Companies in Argentina: In March 2021, several energy companies in Argentina were targeted by a cyberattack that affected their IT systems. Cybercriminals demanded a ransom for the stolen data.

• Cyberattack on the University of Costa Rica: In May 2021, the University of Costa Rica was the victim of a cyberattack that affected its email and online learning systems. Cybercriminals demanded a ransom for the data they had stolen.

General Recommendations for Business Owners in Latin America

Cybersecurity is a critical issue for businesses and organizations in Latin America. Therefore, ITD Consulting presents some general recommendations to help your company protect itself from cyberattacks:

• Conduct Regular Risk Assessments: Every business should perform regular risk assessments to identify vulnerabilities in their systems and take corrective action.

• Strengthen Network Security: Network security should be reinforced by using firewalls, intrusion detection systems, and data encryption.

• Cybersecurity Education: It is essential to educate employees on best practices for cybersecurity, such as using strong passwords and recognizing fraudulent emails.

• Implement an Incident Response Plan: Businesses should have an incident response plan in place to ensure a quick reaction to any cyberattack and minimize the damage.

• Keep Systems and Software Updated: One of the fundamental aspects of cybersecurity is maintaining up-to-date systems and software. They should always have the latest versions and security patches to avoid vulnerabilities.

Cybersecurity is a growing challenge in Latin America, with increasing cyberattacks and data breaches. Business owners in the region must take proactive steps to protect their systems and data against these risks.

Conducting regular risk assessments, implementing network security measures, and educating staff on cybersecurity are some steps that can help reduce the likelihood of a cyberattack. It is crucial for businesses in Latin America to take cybersecurity seriously and adequately prepare to face the challenges ahead.

By taking preventive and responsive measures, businesses can protect themselves and their customers from cyberattacks and minimize the harmful effects in the event of an incident. Would you like to know how you can safeguard your business? Contact us at [email protected] , and we will provide the best solutions tailored to your needs.