Key takeaways:

Cyber-attacks on public and private companies in Central America have grown exponentially in recent years, with Costa Rica, Guatemala and El Salvador suffering the most from cybercrime.
The consequences of a cyber-attack must not only be measured in financial terms for the company, but also in terms of reputation and growth for the organisation and even countries in general.
The good news is that in recent years government, private educational institutions and business initiatives have arisen to enable professionals in the region to deal with this problem.

During the last three years, Central America has seen the number of cyber-attacks on private and public companies grow exponentially. Costa Rica alone suffered more than 251 million attacks in one year.

In the digital age in which we live, cyber-attacks have become a constant threat to individuals, companies, and governments. According to the publication WeLiveSecurity, 69% of Latin American organisations suffered a cybersecurity incident in the last year. Among the countries with the highest percentage of malicious code detections were Costa Rica at 7.2%, Guatemala 5.2% and El Salvador 5.1%.

These incidents not only cause obvious economic damage, but also have a much deeper impact on the Central American economy and the security of the region. In this article, we will explore the true cost of a cyber-attack, going beyond just the figures to understand the true scope of this problem. In addition, we will highlight the importance of having quality cybersecurity services to protect our infrastructures and economies.

Cyber-attacks in Central America

Cyber-attacks in this part of the world vary in nature: from ransomware attacks that encrypt data and demand ransoms, to cyber-espionage that compromises national security. We can all remember how in 2022 a massive ransomware attack paralysed the Costa Rican government's IT systems for almost a month and a half, stealing nearly a terabyte of sensitive government data. The perpetrators demanded a ransom of USD 10 million to not release the data. It is easy to imagine that losses were stratospheric. These organised groups operate globally and do not recognise borders, meaning that no country is immune from these threats.

The direct economic cost of a cyber-attack is often the most visible aspect. This includes immediate financial losses, expenses for system restoration, and loss of revenue due to interruptions in business operations. The figures can be staggering, with the estimated cost of cyber-crime worldwide reaching USD 11.5 trillion in 2023, according to the World Economic Forum. However, this is just the tip of the iceberg.

Cyber-attacks can seriously affect the economic development of Central American countries. The region has made efforts to attract foreign investment and promote economic growth. However, a lack of cybersecurity can scare away potential investors, negatively affecting long-term economic growth and job creation. But it seems that little by little the region has been learning the lessons from the past. In Honduras alone, the Chegg platform will offer cybersecurity training to 100,000 young adults. Universities such as Fidélitas in Costa Rica launched Computer Security Engineering degrees in response to the demand of the local market. Also, the Organization of American States (OAS) began cybersecurity training programmes in Panama in 2021 that have been spreading to other countries in the region.

Increasingly sophisticated cybersecurity services in Central America

The importance of having reliable cybersecurity services cannot be underestimated. Today, it is imperative to think comprehensively about the protection of data and systems, integrating exhaustive exercises of:

  1. Risk assessment: To identify the specific vulnerabilities and risks of each organisation, allowing a security strategy to be adapted to individual needs.
  2. Continuous monitoring: Implement 24/7 monitoring to detect and respond to threats in real time, minimising downtime and potential damage.
  3. Education and awareness: Staff training is essential to prevent cyber-attacks. Providing cybersecurity training periodically to ensure that employees are prepared is essential.
  4. Incident response: In the event of a cyber-attack, it is vital to have expert incident management assistance to minimise damage and data loss.

The real cost of a cyber-attack in Central America goes far beyond the financial losses. It impacts economic development, national security, and investor confidence. Investment in high-quality cybersecurity services has become an urgent need to protect our infrastructures and economies from the growing cyber-related threats. Prevention and education are the keys to ensuring a safer digital future in the region.

By fully understanding these dimensions, we can work together to strengthen our defences and protect what is truly valuable in this connected world. Online safety is a shared responsibility, and we must all play our part in this digital game to keep ourselves safe and protect our digital future. At RSM, we can help your business find the best solution.

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