A Close Look into the Growing, Evolving Cybersecurity Landscape
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A Close Look into the Growing, Evolving Cybersecurity Landscape

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Cinthya Alaniz Salazar By Cinthya Alaniz Salazar | Journalist & Industry Analyst - Wed, 04/06/2022 - 10:37

Last year, companies in Mexico were on the receiving end of thousands of cyberattacks, driving unprepared companies to scramble for cybersecurity consultation services and solutions. In 2022, cybersecurity companies will continue to grow exponentially now that companies consider the field a foundational to consumer confidence and business permanence. Companies’ ability to secure the greatest market share, however, will be contingent on their ability to combat rapidly evolving cybersecurity threats, bundle services and consolidate security across networks.

The digital mad dash of 2020-2021 pressured companies to adopt software and hardware solutions without a proper risk analysis, inadvertently creating risk opportunities for cybercriminals to exploit. This initially collided with an indifference to cybersecurity preparedness in Mexico, at both a public and private level, which predictably led to several costly breaches and consumer distrust. With the longevity of their companies at stake, C-suite executives mobilized to adhere to cybersecurity expertise and solutions, a significant opportunity for all market players.

 “Overall, this rapid migration created opportunities for the cybersecurity sector overall, not just FireEye or McAfee,” Ryan Goss, Vice President Latin America and Caribbean, FireEye, told MBN.

While vulnerabilities differ from company to company, at the center of most–if not all–security breaches is inherent human behavior and/or cloud service assets. The interplay of these vulnerabilities proved to be considerably attractive to cybercriminals and by the end of the year Mexico would finish ahead of Brazil as the most targeted country in Latin America. This aggression triggered a cultural shift among business leaders, inciting them to take initiative on cybersecurity efforts. At pace, Mexico’s cybersecurity market is forecasted to grow at a CAGR rate of 10.2 percent from 2021 to 2027, according to Blue Wave Consulting.

The projections mirror growing concern regarding the increasing sophistication of cybersecurity threats, which include adversarial artificial intelligence and machine learning, the exploitation of dark endpoints, cloud misconfigurations and even third parties. Furthermore, as companies build up their cybersecurity defenses, cybercriminals are likely to pivot away and towards SMEs that lack the same liquidity to invest in fortifying their digital infrastructure and updating cybersecurity solutions. Altogether, this spells the growth of a ballooning public health concern that calls for strong state leadership.

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