The cybersecurity market in Latin America has been projected to almost double in size. Analysts have predicted that the sector which was estimated at $6.19bn will grow to $13.49bn by 2022.
Many of the critical infrastructure components required by national governments and some of our biggest businesses and organizations are completely dependent on IT systems as it provides the foundation for information exchange for sectors like voice, data, video - and internet connectivity. As such, IT systems are inevitably part of key security and emergency resources and play a central role to countries overall national critical infrastructure.
The continued advancements in technology are revolutionary - but every revolution presents challenges, and cybersecurity is one of most problematic issues in terms of the IT sector. The advent of digital technologies for collection, storage, analysis and distribution of information has created a world of insecurity. However, this has provided numerous opportunities in the South American cyber security market.
Research has indicated that data breaches significantly impact consumer's confidence - hence the added importance of implementing the right infrastructure to combat any such breaches. One example of a costly breach for one company based in Latin America according to the research report compiled on the topic claimed that one organization saw a drop of 46% in profit the following quarter after the breach took place. Cyber threat is a major challenge for startups and e-commerce companies - which are completely based on cloud systems. The reliance on IT infrastructure and the lack of any sort of contingency plan to put cyber policies in place are a high source of concern in the Latin American market.
All this represents opportunity for businesses involved in implanting products, solutions and infrastructure that can help businesses and governments protect themselves from the ongoing threat posed by cybercrime. The ongoing saga between the US and Russia shows the power and effect a breach can have politically, and in South America issues have surfaced in relation to the spreading of fake news content on social networking platforms and websites.
Cybersecurity is big business, and there has been further evidence by the findings of this research who predict to industry to explode and double in size in the next six years.