Experts in Panama have recently raised concerns about Latin America’s growing vulnerability to cyberattacks, particularly ransomware.
At a seminar, they revealed that the region’s diverse technology use and insufficient cyber hygiene contribute to this risk.
Significantly, one in every 19 organizations in Latin America has faced a ransomware attack this year.
This marks a 22% increase from the same period in 2022.
Eli Faskha, CEO of Soluciones Seguras, shared these insights at an International Information Security Day seminar in Panama City.
The expert linked the region’s heightened risk of cyberattacks to its weaker protective measures and regulatory framework.
This lack of robust security infrastructure makes Latin America more susceptible than other regions.
Faskha also highlighted a concerning trend in Panama, where cyberattacks on organizations surged over 70% from October 2021 to October 2023.
The banking and finance sector is the most affected, facing an average of 2,159 weekly attacks per organization.
Faskha advised the adoption of dual-factor authentication, especially for global users who are often mobile. He stressed this as a crucial step for safeguarding identities.
He further emphasized the need for the universal application of dual authentication. This approach is essential for any platform accessing sensitive data.
Being Prepared for Any Attack
The expert pointed out the importance of being prepared for any attack.
He urged organizations to implement protective measures and strategies for quick recovery post-attack.
His firm, operating in several Latin American countries, understands the importance of these measures.
Data from Check Point Research, discussed at the seminar, showed an 8% global increase in weekly cyberattacks.
This is the highest rise in two years, reflecting the growing sophistication of threats like ransomware and hacktivism.
The research also predicts a rise in AI-driven attacks targeting supply chains and critical infrastructure.
It forecasts increased hacking of cloud-based AI resources and more effective phishing campaigns.
This data underscores the evolving nature of cyber threats and the need for heightened security measures.