How bad is bad? Mexico’s threat landscape
Mexico is one of the fastest growing economies in the world, focused in employing technology to spur businesses forward. But this dependency on technology comes with a dark side – businesses are significantly more vulnerable to cyber threats and data breaches.
Mexico has been attracting the attention of malicious cyber threat performers. The attraction is largely thanks to its growing regional and global geo-strategic significance, coupled with the nation’s increasing economic and financial wealth.
According to recent studies, Mexican organizations are facing similar threats to those operating in the world’s most developed economies. Mexico ranks second in Latin America – just behind Brazil – for the most cyberattacks, with the banking, retail, and telecommunications sectors targeted most.
Serious time of reckoning
The occurrence of cybercriminal activity in Mexico, the diversity of financial institutions, and the sector’s growing capital value are all targeting factors. Criminal groups, clearly capable, besieged the Mexican financial sector by compromising ATMs and defrauding bank customers on a significant scale. Less sophisticated attacks, such as the use of banking Trojans, ransomware, and POS malware, are widespread and pose a significant threat.
Key vulnerabilities observed in Mexico’s cyber landscape are a lack of a cybersecurity culture, old-fashioned system configurations, and obsolete versions of software applications. The right to privacy along with protection of personal information for both individuals and corporations is an extremely relevant issue for international organizations and the public sector. If cybersecurity is not strengthened, more businesses in Mexico will become exposed.
If Mexico wants to be a pioneer of data rights, the new infrastructure must effectively adapt to changes in the way information is transmitted around the world and they must comply not just with national and regional directives, but with international protection of information practices.
The question arises
Is your business at crossroads? Shoulder the costs of increasing defenses or become increasingly susceptible to the risk of attacks!
Sound choice would be to migrate towards a proactive model by incorporating security checkpoints opposed to a reactive model. Having the right security measures in place could prove to be a differentiator in edging out competitors.
A positive drift
According to PwC Mexico, “91% of Mexican companies have prioritized cybersecurity in their organizations and Mexico is the country with the most investment in cybersecurity in Latin America.” The financial sector has led the way in this area, followed by telecommunications, both of which are Mexico’s most globalized economic sectors.
Here is where the Government of Mexico should work closely in conjunction with private firms. The benefits of furthering research on the issue of data protection would be mutually beneficial, keeping the focus on creating a sustainable and securely growing economy.
Echoworx has responded to Mexico’s data security demands by setting up our advanced encryption platform OneWorld within a local data center near Mexico City. This expansion has been fueled by the increasing demand from multinational enterprises operating in Mexico to process and protect their sensitive information locally.
With our agile email encryption platform, it’s easier than ever for organizations to be compliant, maintain brand reputation, build customer trust, and gain a competitive edge – while maximizing the protection of their confidential communications, intellectual property, and other sensitive data.
Mexico is touted to be among the global leaders in digital transactions, and with security being of paramount concern safeguarding communications must be a top priority. As a leader in email encryption, Echoworx is focused on strengthening cybersecurity by collaborating with various equally passionate stakeholders to safeguard the collaboration and communication of sensitive information throughout Mexico.
Our team will be at InfoSecurity Mexico at the Centro Citibanamex in Mexico this May. If you plan to be in town, you’ll find the Echoworx team in booth #209. We will be presenting real use cases of how organizations are gaining value by integrating encryption into their business processes, while securing communications. Stop by, join us for a chat!
By Christian Peel, VP Customer Engineering, Echoworx