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Increased maturity will drive cybersecurity actions
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The Latin American cybersecurity market is expected to reach $1,877.8 million in 2018 and grow to $3,430.6 million by 2023, presenting a CAGR of 12.8%. This study is a market sizing of the following cybersecurity markets in Latin America:· Advanced Malware Sandbox (AMS) · Cloud Access Security Broker (CASB) · Distributed Denial of Service (DDoS) Mitigation· Endpoint Security· Identity Access Management (IAM)· Managed Security Services (MSS) · Network Access Control (NAC)· Security Information & Event Management (SIEM)· Unified Threat Management (UTM) & Next Generation Firewall (NGFW) · Web Application Firewall (WAF) · Web & Email Content SecurityThe following breaks through Latin American regions are also provided: · Brazil· Mexico· Andean Region: Peru, Colombia, Ecuador, and Venezuela· Southern Cone: Argentina, Chile, Uruguay, Paraguay, and Bolivia · CCA: The Caribbean Islands and Central America (Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama).Brazil represented 40.2% of the total market in 2018; Mexico, 24.1%; the Andean Region, 18.6%; the Southern Cone, 15.6%; and the CCA, 1.5%.Cybersecurity threats are becoming much more advanced in the Latin American market. Hackers know that many companies are not prepared to deal with attacks, and thus find a vulnerable greenfield in the region to commit financial crimes, industrial espionage, Thus enterprises need protection in all layers in order for the market to grow.Investing in security is a price companies have to pay to do business in the 21stcentury. Like insurance, it always seems more expensive than it should be—until there is an accident. Many companies in Latin America, however, tend to be more reactive than proactive, that is, they invest in security only after experiencing an attack or a security scare. This mindset is, however, gradually changing in the region. It is not uncommon to see businesses of all sizes and verticals struggle to implement a security strategy on their own. This difficulty only tends to increase with the growth in IT footprints, increasing sophistication of threats, and acute shortage of security talent. As companies become more digital, they become more vulnerable. Organizations are pushed to create a holistic security strategy that entails all devices, processes, and multiple IT environments to cover the most strategic asset for every business today—the data.Customers need to be reminded of the irreplaceable value provided by security services. Providers need to help clients in their digital transformation journey.Machine learning and deep learning will be powerful tools for the security market. As the machine quickly learns and is able to make decisions, it will be able to avoid threats instead of mitigating them after an attack has occurred.
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