Argentine companies invested more than $108M on cybersecurity in 2019, an 8% annual increase that is expected to rise over the next 4 years.
Argentina enjoys a well educated and tech savy population. Despite the recent growth of the local cybersecurity market, this is just the initial stage of maturity. Cybersecurity technology adoption is two to three years behind more mature markets such as the US, UK or Brazil. On the other hand, the exchange rate fluctuations and the devaluation of the Argentine peso have negatively impacted the adoption of cybersecurity and related technologies.
Argentine society is relatively aware of cybersecurity issues but may be more focused on economic instability and physical security as this is more relevant to personal and family risk. Cybersecurity is a relevant topic for executives but is not present in their top five issues with the exception of the financial sector; specifically banks.
Increased cybersecurity measures will improve the country’s ability to prevent, mitigate and respond to cybersecurity threats and incidents. Fortunately, there are lower rates of cyber incidents in Argentina compared to other Latin American Markets (Brazil, Mexico, Chile). Some of the leading sectors for cybersecurity investment in Argentina include banking, energy (oil & gas), telecommunications, manufacturing and retail. Technology and cyber maturity is not only defined by sector, but it also depends on the organization’s size and status as a local or subsidiary of a global corporation.
Top cyber challenges in Argentina are 1) classic malware (40%) or cybercrime/espionage (40%) and 2) risks derived from new technological trends like: Big Data (49%), social networks (30%), BYOD (16%) or IoT (16%).