Cybersecurity At the Forefront of Business Priorities

Prompted by more frequent and sophisticated cyberattacks, companies prioritize internal cybersecurity robustness, which is forecasted to drive significant market growth for the sector.

Mexican bank, BanCoppel, initiated its digital transformation in which it aims to invest billions of pesos over the next four years. Meanwhile, the digital transformation continues to open new market avenues across different industries.  

Here is your weekly Tech roundup:

Mexico

BanCoppel to Invest US$500 million Amid Digital Transformation

The Mexican bank will invest over MX$10 billion (US$500 million) over the next four years as part of its digital transformation strategy, aiming to catch up with the new needs of its market segment.

Industry Trends

The Invisible Modern Warfare: Cyberattacks

Cyberwarfare has been erroneously dismissed as sub-priority as it evolves rapidly under the nose of government officials, industry leaders and consumers in a severe miscalculation of its destructive capacity. In Mexico, hypervigilance on behalf of CEOs and CIOs can help avoid detrimental disruptions to critical infrastructure, injuries or loss of life.

“Mexico is 52nd in the Global Cybersecurity Index–which is not good enough and says that Mexico has to do much better if it wants to thrive in turbulent times,” said MBN expert contributor John Clayton, Country Manager, Arista Technologies.

Global Cybersecurity Market Faces Multiple Hurdles Despite Demand

Artificial intelligence (AI) applications in the global cybersecurity market are expected to reach US$66 billion by 2029 but the lack of skilled AI professionals could limit the growth of this market to a “notable extent,” according to a forecast report by Meticulous Research. 

Incode: Face Recognition Will Replace IDs

Facial verification and identification, the most secure ways to identify end users, is leveling the playing field for consumers by democratizing access to public and private services while reducing commercial friction, costs and security issues.

“Physical IDs are expected to disappear by 2030 as they are old-fashioned and do not have the same security as a digital ID. Replacing physical documents with a single physical identity will change the world,” said Diego Creel, Head of Mexico, Incode.

Adjacent Industries

Clara Expands its Financial Services to Colombia

Corporate credit and financial services company Clara secured a foothold in Colombia as part of its greater ambition to expand throughout Latin America. To remain the fastest growing unicorn in the region, the company is investing in the refinement of its product vision, Gerry Giacoman, CEO, Clara, told Mexico Business News.

Logicalis, IBM Digitalize Telecommunication Processes

Early forecasts anticipate the accelerated adoption of private 5G networks, thereby requiring internet and communications service providers to orchestrate and manage multiple networks. To meet this demand, Logicalis and IBM have partnered to create a hybrid cloud solution.