Week 24, 2024 - Latin America

Newsletter
Latin America is experiencing a significant rise in cyber threats, prompting countries in the region to enhance their cybersecurity measures and resilience. Here are the key insights: Digital Transformation and Increased Cyber Threats: Latin America accounted for 12% of global cyberattacks in 2022. Rapid digital transformation has...
Published on
June 14, 2024

"I believe that every single one of us, celebrity or not, has a responsibility to get involved in trying to make a difference in the world.” - Shakira (Colombian singer)

MARKETS

June 13, End Of Day

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BUSINESS

Cybersecurity in Latin America

Latin America is experiencing a significant rise in cyber threats, prompting countries in the region to enhance their cybersecurity measures and resilience. Here are the key insights:

  • Digital Transformation and Increased Cyber Threats:
    • Latin America accounted for 12% of global cyberattacks in 2022. Rapid digital transformation has increased cyber risks, affecting all aspects of citizens' lives and economic sectors.
    • Brazil (22%), Mexico (12%), and Argentina (10%) were the primary targets, making up 44% of all attacks in the region.
  • Targets and Consequences of Cyberattacks:
    • The majority of successful attacks on organizations targeted government agencies (31%), industrial enterprises (11%), financial institutions (9%), and retail companies (9%).
    • Government agencies were 2.2 times more likely to be targeted by ransomware compared to the global average.
  • Challenges and Recommendations:
    • The region faces numerous obstacles to cyber resilience, including insufficient legislative frameworks, a shortage of qualified professionals, and limited resources for security technologies.
    • The region has low levels of cybersecurity, with only 10 out of 33 countries scoring above the world average on the Global Cybersecurity Index.
  • Financial and Data Security:
    • In 61% of successful attacks, confidential information was leaked, often sold on the dark web. Access to networks of financial institutions, government agencies, IT companies, and industrial enterprises is frequently traded.
    • Data leaks cost Latin American countries an average of $3.69 million per incident, a 32% increase from the previous year.
  • Learning and Policy Efforts:

These insights highlight the need for strategic investments, international collaboration, and workforce development to build a more resilient and secure digital environment in Latin America.

Fundraising picks of the week

Aquit: Pioneering advanced biotech solutions, Aquit addresses the challenges of sustainable aquaculture. With a natural immunity booster and a focus on replacing antibiotics, they've formed R&D alliances with other key players. Dive deeper into the case here.

Presto: Presto has made significant developments with 1300 monthly active users in just three months and a waitlist of more than 50,000. Their unique position as the only non-regulated fintech with a VISA partnership in Bolivia. Get to know the case here.

Elytron: Utilizing AI and machine learning, Elytron reduces costs, and fosters a deeper understanding of microorganisms, addressing key global challenges efficiently. This innovative approach positions Elytron at the forefront of biotechnological advancements Dive deeper into the case here.

Interested in Latin American startups? Subscribe here to get startups’ monthly progress updates in the verticals that interest you the most.

Dive deeper into other fundraising firms in LatAm here.

CURRENT AFFAIRS

Argentina: President Javier Milei aims to position Argentina as a low-regulation hub for AI, attracting US tech giants as a hedge against increasing regulations in the US and Europe. Milei's meetings with tech leaders, including OpenAI's Sam Altman and Apple's Tim Cook, underscore Argentina's potential as an AI hub, leveraging its educated workforce and vast land for data centers. The government is pushing for investment incentives and "pro-innovation" AI regulations to bolster this vision.

Mexico: Audi will invest $1.08 billion in electric vehicle projects in Puebla, creating 500 new jobs. The investment aims to transform Puebla into an electric vehicle hub. Audi Mexico has started installing infrastructure for producing fully electric "e-tron" vehicles. This move reinforces investor confidence in Mexico's economic growth.

Venezuela: Foreign credit card transactions are boosting dollar circulation, helping the government control inflation and stabilize the exchange rate. About 11% of transactions now use international cards, generating $60 million per month for local banks. This supports the exchange market and eases pressure from restricted bolivar-denominated credit cards, aiding President Maduro's bid for reelection.

FURTHER READING

Check our recently published insights here. Recent post:

πŸš€ AI Market Potential in Latin America

πŸ’‘ Globant's Billion-Dollar Pledge: Globant is investing USD 1 billion to develop AI and emerging technologies, including a new Innovation Center in Brazil.

πŸ’΅ AI Startup Boom: In 2022, AI startups in Latin America attracted $229 million in investments, following a record $874 million in 2021.

πŸ” Real Impact vs. Trend: Investors are encouraged to identify AI applications that offer tangible benefits, moving beyond the hype to focus on practical, impactful solutions.

πŸ› οΈ Practical Applications: AI is increasingly seen as a tool for achieving specific goals, enhancing services like customer support in banking and beyond.

πŸ” Read more here.

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