CYBERSECURITY REVIEW 19 JULY - 2023CXO INSIGHTSDigital transformation was essential for organizations to adapt to the new moment and the post-Covid-19 pandemic. Never before have they depended so much on technologies such as cloud, mobile and the Internet of Things. Corporations around the world are facing enormous challenges in their markets today. In Latin America, it is no different; many of them have had to transform their businesses with the help of new digital technologies.Financially, the Latin American cybersecurity market was valued at US$5.73 billion in 2021 and is expected to register a CAGR* of 11.8% during the forecast period (2022-2027), according to the released report by Mordor Intelligence. Still, regarding the outbreak of the COVID-19 pandemic, there is an expectation that companies worldwide must proactively respond to cyber threats that have increased during the pandemic period. Because of this, cyber resilience, which refers to the ability of an industry or institution to respond, prepare for and recover from cyberattacks, has become an absolute necessity rather than an option in the current scenario.*CAGR (Compound Annual Growth Rate) is the rate of return required for an investment to grow from its opening balance to its ending balance Trends. As the main trend during and after the pandemic, many businesses kept the remote work model or even a hybrid work model (when employees work on-site for part of the week and work from home for part of the week). Many remote workers believe that being closer to their families gives them a huge gain in quality of life, associated with a boost in productivity. Besides, they can foster a healthier lifestyle and no longer have to deal with the frustrations of driving to and from work.On the other hand, it is important to reconcile work time with social life, avoiding excesses, since we can also highlight many cases of burnout syndrome. According to research by the International Stress Management Association (ISMA), professional burnout syndrome already affects 30% of Brazilian workers, representing about 28 million people. As for the IT area, it is believed that it has been one where the impact is even stronger. Unfortunately, from the legal point of view, Latin American countries still need more specific legislation for this type of work. Regardless of the work model adopted, the discussion goes beyond the public health issue due to the pandemic, but there is also a generational factor that companies have to take into account: offering the option of working from home is a requirement of a new generation that is entering the job market, and this becomes a differential in retaining and hiring talents. What was once a benefit has now become an expectation.To allow this work model to become effective, the market has consolidated the use of numerous collaboration tools such as Microsoft Teams, Cisco Webex, and Zoom, among others. However, by adopting these tools without using auxiliary or misconfigured technologies, companies are open to gaps and even exposure of their information. According to the International Data Corporation (IDC), more than half of Latin American corporations have breached or failed security audits in the past two years.THE PANORAMA OF THE LATIN AMERICAN CYBERSECURITY MARKETBy Mauro Garcia Junior, Head of Cyber Security, Ocyan
< Page 9 | Page 11 >