Mexico accounted for just over half of all cyber threats reported in Latin America during the first half of 2024, according to a study by cybersecurity firm Fortinet.
Why It’s Important
As Mexico experiences a nearshoring boom, where companies move production closer to their primary markets, cybercriminals have increasingly targeted sectors like logistics, automotive, and electronics manufacturing to maximize the impact of their attacks. Hackers are focusing on specific market segments to demand larger ransoms and are using artificial intelligence to enhance their efficiency.
By the Numbers
The report revealed that Mexico faced 31 billion cybercrime attempts in the first half of 2024, accounting for 55% of all such attempts in Latin America. Fortinet, based in Sunnyvale, California, also highlighted a global shortage of 4 million AI professionals, including 1.3 million in Latin America and the Caribbean, and around 500,000 in Mexico.
Key Quotes
Fortinet’s Mexico chief, Jorge Miranda, noted that Mexico is experiencing more attacks than Brazil due to its proximity and commercial ties with the United States. He pointed out that companies involved in nearshoring are being directly targeted by ransomware attacks demanding much larger ransoms. While the first-half figures for 2024 may seem like a slowdown from the 94 billion attacks in all of 2023, Miranda emphasized that the cybercrime rate remains very high.
What’s Next
Fortinet hopes that Mexico will enact a cybersecurity law within the next year or two to strengthen defenses against attacks. President Claudia Sheinbaum recently pledged to create a cybersecurity and artificial intelligence center during her term, although she did not mention a specific law.
Source: Reuters
