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Cybersecurity in Latin America

Explore the cybersecurity landscape in Latin America, cost of cybercrime, impacts on markets, and opportunities for building cyber resiliency. Learn about kill chain stages and the significance of an intelligence-led approach.

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Cybersecurity in Latin America

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  1. Cybersecurity in Latin America How to build cyber resiliency on an Intelligence-led way Andre Salgado Latam and Mexico Regional Information Security Head andre.salgado@citi.com +1 (954) 267-1271

  2. Agenda • Cost of Cybersecurity • Cyber Security in Latin America • Impacts to Markets Organizations • Cybersecurity Opportunities • Kill Chain

  3. Cost of Cybersecurity • The World Economic Forum’s 2018 Global Risks Report ranks both large-scale cyberattacks and major data breaches or fraud among the top five most likely risks in the next decade $600 Billion $1 Trillion Increase in cost of cybersecurity from2016 to 20173 That’s what Cybercrime costs the world, or 0.8 percent of global GDP1, targets FI first. The Global spending on cybersecurity will exceed cumulatively over the next five years2 22.7% 3.5 million Increase in average annual number of security breaches from2016 to 20173 Unfilled cybersecurity jobsby 2021, up from 1 million in 20141 27.4% • 1. The economic impact of cybercrime—no slowing down – study conducted by McAfee and the center for strategic and international studies • 2. Cybersecurity ventures prediction • 3. Cost of cyber crime study – 2017 – Ponemon – Accenture

  4. Cyber Security in Latin America Mexican Banking Sector Lost $500 Million to Cyber Crime in First Half of 2018: these losses were the result of 3.5 million cyber fraud claims, 5% increase over the same period in 2017.1 Many countries in the region do not have strong networks of cybersecurity professionals or robust cybersecurity education programs. In terms of Internet users, these are percentages of penetration rate: Ecuador 81%, Argentina 78,6%, Chile 77%, Brazil 65,9%, México 65,3%, Venezuela 60% and Colombia 58,1%.2 Communication using the chat application WhatsApp is prevalent throughout Latin America. • Recent Attacks: • SPEI • Banco Improsa • Boa Vista • Bancomext 90% Banking Entities in Latin America and the Caribbean experienced cyber incidents in the past year.3 • 1. According to Mexico’s National Commission for the Protection and Defense of Users of Financial Services (Condusef), • 2. Statista • 3. Reported by Organization of American States (OAS)

  5. Impacts to Markets Organizations Consumer trust is a valuable asset, and organizations that protect privacy of their costumers will be rewarded.

  6. Cybersecurity Opportunities Intelligence-led begins with understanding the cyber threat landscape and threat actors rapidly evolving tactics, it is both a product and process from collecting, processing, analyzing and using information to meet an identified goal. Information sharing is the life blood of intelligence by leveraging the multiple internal and external sources it can provide real-time intelligence and incident response capabilities. Beyond controls, prevention requires Partnership. • Intelligence-Led approach • Information Sharing within Industry • Collaborative environment

  7. Kill Chain • Reconnaissance • Weaponization • Installation • Exploitation • Delivery • Command and Control (C2) • Action and Objectives

  8. Thank you!

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