Latin America is facing a mounting cybersecurity crisis, quickly becoming the fastest-growing region in the world for new cyberattacks. A last year’s World Bank report highlights a staggering 25% average annual growth in disclosed cyber incidents across the Latin America cybersecurity landscape, including the Caribbean, over the past decade. Despite this data, the region remains one of the least protected globally, making it a ripe target for increasingly sophisticated cybercriminals. The urgent need for stronger Latin America cybersecurity measures has never been more apparent.
In a striking example of this vulnerability, the U.S. Embassy in San José and Costa Rica’s Presidential Office revealed in December that Chinese-based cybercriminal groups had successfully infiltrated the country’s tech infrastructure. This breach came on the heels of a ransomware attack on the Costa Rican Oil Refinery (RECOPE), a critical player in the regional energy supply chain. RECOPE not only refines fossil fuels but also operates vital oil pipelines spanning from the Caribbean to the Pacific coasts.
Major cyber incidents have shaken the region in recent years. In 2019, Ecuador suffered a breach that exposed the personal data of nearly every citizen. Argentina faced a similar event in 2022. Chile saw all public bank branches shut down in 2020 due to a malware attack. More recently, in 2023, a cyberattack in Ecuador prevented citizens abroad from voting during a crucial presidential election.
AI: A Double-Edged Sword
As these threats escalate, artificial intelligence is being explored as a potential solution. While AI introduces new vulnerabilities, it also presents opportunities for innovation. DeepSource, a San Francisco-based startup and a Y Combinator Winter 2020 alum, is leveraging AI to combat this issue. The company recently launched AI agents aimed at detecting and resolving security vulnerabilities in code. These tools are designed to save developers time while adapting to the exponential growth of AI-generated code.
“Code is no longer being written just by humans. The surge of AI-generated code means 10x more code can now be developed in the same amount of time, and by less experienced developers,” said DeepSource CEO Sanket Saurav. “But we’re not speeding up our code security practices by that same factor. Real end users will be impacted if companies don’t evolve their tooling to ensure they’re securing this exponentially higher volume of code.”
Latin America Cybersecurity: Opportunity for Innovation and Investment
The urgency for advanced solutions is intensified by the global shortage of cybersecurity professionals, currently estimated at over 4 million. Latin America, where the cybersecurity industry is projected to grow by 14%, presents a fertile ground for investment, innovation, and collaboration. As the Latin America cybersecurity landscape becomes a higher priority, the role of startups and emerging technologies will be increasingly pivotal.
