Financial Crime World

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Latin America’s Cybersecurity Conundrum

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As the digital landscape continues to expand at an unprecedented pace, Latin America is facing a critical shortage of talent to secure its infrastructure. The region’s lack of cybersecurity expertise has led to a situation where military forces are often called upon to shore up defenses.

A Crisis of Talent


Brazil, for instance, has seen its security forces and military cyberdefense command become the backbone of the country’s digital security governance. However, this approach has not been enough to deter attacks, with Brazil ranking as one of the top 10 most attacked countries globally.

  • Activist groups, such as Guacamaya, have also entered the fray, using hacking to expose corporate and government malfeasance.
  • While their motives may be noble, these actions can still have devastating consequences for businesses and individuals alike.

Vulnerable Financial Institutions


The region’s financial institutions are particularly vulnerable, with the banking sector being targeted by cybercriminals. However, experts agree that the solution lies not in increased spending, but rather in political will, technology, resources, personnel, and awareness.

A National Cybersecurity Policy


A national cybersecurity policy is essential, but implementation remains a challenge. Experts stress the need for:

  • Dedicated budget lines
  • Clear channels of communication between companies and authorities
  • Compliance regulations to encourage cooperation

International Cooperation


The Organization of American States (OAS) has been working with member states to address the issue, offering training and technical resources. However, trust between governments and the private sector remains a major hurdle.

Human Error and Awareness


In the face of such challenges, experts emphasize the importance of:

  • Basic cybersecurity training at all levels of an organization
  • Basic cybersecurity training in households

Human error is often the primary cause of cyber breaches, making awareness and education critical components of any effective cybersecurity strategy.

A Recent Crisis: Costa Rica


As Costa Rica’s recent crisis demonstrates, even small mistakes can have major consequences. Better communication and awareness are essential to preventing such disasters from occurring in the future.

About the Author

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Tornaghi is managing editor at AQ and senior director for policy at Americas Society/Council of the Americas.

Tags


  • Costa Rica
  • cybersecurity
  • Technology

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Any opinions expressed in this piece do not necessarily reflect those of Americas Quarterly or its publishers.