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Latin America currently lacks a strong cybersecurity foundation that is essential to build a strong and safe future for its organizations.
FREMONT, CA: In today's digital world, there are only two types of businesses. Those who have been hacked, and those who will be hacked in the future. Third would be organizations who have been hacked but are unaware. The most vulnerable to hacks and breaches would be the emerging markets in Latin America and beyond since they are still catching up in terms of cybersecurity. Latin America now lacks the strong cybersecurity foundation required to safeguard its firms' futures.
At the same time, with record amounts of money invested into its firms, Latin America is becoming an even more appealing place for hackers. According to Crunchbase data, local entrepreneurs raised a record-breaking 9.6 billion dollars in the first half of 2021, and SoftBank recently launched a new multibillion-dollar fund for the region.
To ensure the long-term viability of the next generation of enterprises, Latin America urgently requires better cybersecurity solutions. But, more importantly, a huge opportunity is expected to happen. Latin America's disadvantage means it has a one-of-a-kind opportunity to build a more robust cybersecurity infrastructure from the bottom up, harnessing the potential of today's frontier technologies in a way that more developed countries cannot.
Unique online personalities are one of the most important breakthroughs. When one has a completely unique user account for each of their banks, payment systems, and e-commerce sites, each of those platforms becomes a point of entry for a hacker to steal one's identity or commit fraud.
Traditional protection procedures are no longer effective against today's fast-evolving threats, according to the EU's cybersecurity office, which issued a warning earlier this year. From neo banks that allow citizens more options for entering the financial system to B2B companies that make the route easier for enterprises across industries, emerging nations are already on the bleeding edge of new technology. They should be adopting technologies that are moving at the same pace as cybercrime as they establish the basis in these new domains.