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News Article

Cybersecurity Outreach to SMEs: A Public Need

ByCinthya Alaniz Salazar |Thu, 05/26/2022 - 12:39

The cybersecurity needs of SMEs, Mexico’s economic backbone, have been largely underserved when compared to those of larger companies. As cybercriminals pivot towards unprotected and opportune targets, SMEs increasingly pose a significant risk to public safety and by extension the country’s economic recovery.  

An unrelenting wave of cyberattacks have made Mexican SMEs increasingly aware of their cybersecurity vulnerabilities; however, the market has failed to create solutions that cater to them and their budgets. SMEs’ lack of liquidity acts as a proxy barrier to cybersecurity solutions in a market catered to large companies that often qualify for special offers. However, the economic infrastructure has indefinitely shifted to a digital-first economy, transforming cybersecurity to an underlying business necessity. 

This transformation has created an immediate demand for cybersecurity solutions that address small and medium-sized business needs, an outstanding opportunity estimated to represent  between US$9 billion and US$17 billion by 2022, according to McKinsey.  However, before this can be realized and then sustained, cybersecurity companies need to make a concerted effort to identify the needs of companies. This effort is currently being led by managed service providers (MSP) that currently dominate the market. Nevertheless, their joined competition for the SME market will likely speed up innovation.

The federal government should also take a participatory role in supporting private outreach, considering SMEs are responsible for generating 75 percent of jobs and represent over 50 percent of Mexico’s GDP. This is a pain point the federal government cannot afford to miss, especially as the economy faces an economic recession and a long economic recovery. This poses secondary risk factors for consumers who could see their personal information stolen and used maliciously by cybercriminals.

This topic will be further discussed by industry experts who will expand upon the most pressing trends in cybersecurity at Mexico Cybersecurity Summit. The event will also cover the long-term opportunities of this sector such as ethical hacking, evolving digital infrastructures, AI and machine learning applications. During the event, industry leaders will outline how tech and innovation are helping companies across industrial sectors fight a wave of incessant cybersecurity threats.

Mexico Cybersecurity Summit, now hosted on Zoom, will break geographical barriers and welcome global industry leaders to discuss the most pressing cybersecurity trends, while simultaneously minimizing COVID-19 related risks or possible outbreaks. The event is organized by Mexico Business, which hosts conferences on Mexico’s most important industries and in 2021 welcomed 2,136 industry-shaping companies and 758 speakers to 13 industry-leading conferences.

 

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Cinthya Alaniz Salazar Cinthya Alaniz Salazar Journalist & Industry Analyst