Brazil, Colombia, and Chile Most at Risk for Cyberattacks in LatAm

In 2023, Latin America ranked as the fourth-highest target for cyberattacks globally, with 12% of incidents, according to the IBM X-Force Threat Intelligence Index 2024.

This surge in cybercrime highlights advanced campaigns specifically designed for the region.

IBM’s Juan Carlos Zevallos points to a widespread digital identity crisis, largely due to compromised credentials, mirroring a global trend.

The financial impact is significant. The average cost of a data breach reached $4.45 million, marking a 15% increase over three years.

Brazil, Colombia, and Chile experienced the highest number of attacks, particularly affecting the retail and energy sectors.

Cybercriminals prefer legitimate account access over network breaches, showing a strategic shift.

Ransomware led 2023’s threats at 31%, with server access and tool misuse each at 23%.

Such patterns signal a rising cybersecurity risk across the region. The report identifies key hacking methods, with 45% of attacks exploiting public-facing applications.

Phishing and legitimate account exploits tied at 22%, and removable media replication was involved in 11% of cases.

Retail and wholesale are notably targeted, making up 25% of attacks. The finance and insurance sectors saw an uptick in attacks using malicious Chrome extensions.

Banking Trojans like BlotchyQuasar, KLBanker, and Banker.FN targeted financial clients, reflecting a sophisticated threat landscape.

The X-Force Threat Intelligence Index reviews over 150 billion daily security events in over 130 countries, revealing Latin America’s escalating cybersecurity challenges.

It underscores the necessity for solid defenses against the constantly changing threat landscape.

Download the report here.