Financial Crime World

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Argentina’s Growing Concern with Cybercrime: Financial Institutions in Crosshairs

As Argentina’s tech-savvy population becomes increasingly aware of the importance of cybersecurity, public and private entities across the country are falling victim to cyber-attacks at an alarming rate. Despite efforts to track local cybercrime trends, a staggering majority of cases remain unreported or inadequately documented, providing a ripe market for US cybersecurity companies to capitalize on.

Investment in Cybersecurity Measures

According to the National Argentine Cybersecurity Office, Argentina’s companies invested a whopping $60 million in cybersecurity measures last year alone, representing a 10% annual increase. Moreover, an astonishing 85% of Argentine businesses plan to invest in cybersecurity over the next four years, signaling a growing recognition of the need for robust online protection.

Federal Cybersecurity Force

In a bid to stay ahead of the curve, Argentina’s Ministry of Security created a new Federal Cybersecurity Force in 2022, tasked with training and equipping public entities with cutting-edge technologies to combat cyber threats.

Cybersecurity Challenges in Argentina

Phishing, ransomware, malware, espionage, and security risks linked to social networks, IoT devices, BYOD policies, and Big Data top the list of Argentina’s most pressing cybersecurity challenges. The country’s leading sectors for cybersecurity investment include:

  • Banking
  • Energy (particularly oil and gas)
  • Telecommunications
  • Manufacturing
  • Retail
  • Public sector

Opportunities for US Cybersecurity Companies

As US companies eye opportunities in this burgeoning market, they would do well to seek out additional information on market analysis, trade events, and US Commercial Service offerings. Senior Commercial Specialist Marina Millet is available to provide further insights and guidance.

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