Argentina Cybersecurity Market Size

Argentina Cybersecurity Market Analysis

The Argentina Cybersecurity Market size is estimated at USD 1.58 billion in 2024, and is expected to reach USD 2.35 billion by 2029, growing at a CAGR of 8.29% during the forecast period (2024-2029).

The cybersecurity industry is gaining traction in this region due to the rising government initiatives increasing internet penetration across Argentina countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity a crucial part of the organization. The rising cases of cyber attacks and regulations requiring reporting are driving the growth of the cybersecurity market in Argentina.

• Argentine society is significantly aware of cybersecurity issues. Still, it may be more focused on economic instability and physical security as this is more relevant to personal and family risk of cybersecurity threats. Cybersecurity technology adoption in Argentina is two to three years behind more mature markets such as the UK, US, or Brazil. Moreover, the exchange rate fluctuations and the devaluation of the Argentine peso negatively impacted the adoption of cybersecurity and related technologies.
• Guidelines for cybersecurity incident response and recovery were released by the Central Bank of Argentina (the "BCRA") on April 16, 2021, under Communication A7266. The BCRA specifically pointed out that the rules are intended for financial institutions, payment service providers that supply payment accounts, and the infrastructures of the financial markets. The BCRA emphasized that the rules, however, can be applied by any financial system institution as well as information technology and communication service providers, among others, due to their broad nature.
• To update and improve the data privacy framework, in January 2019, the Agency to Access to Public Information (the enforcement authority in charge of applying the Data Protection Law and the Do-Not-Call Law) issued Disposition 4/2019, which established a set of best practice guidelines for the interpretation and application of the Data Protection Law. The Disposition provides guiding criteria on (1) the right of access to personal data collected through closed-circuit television cameras, (2) automated data processing, (3) data dissociation, (4) biometric data, (5) consent, and (6) consent of minors.
• Financial and operational difficulties are anticipated to dominate the post-Covid period, which increased cyber threats in Argentina will also characterize. Regardless of their size, industry, or financial strength, all organizations are reassessing their budget and cybersecurity goals. There is a sense of shared urgency and a shift towards new models with integrated security, perimeter protection, automation, next-generation identity, and access restrictions. The culture of cyber resilience that exists today, where SMEs are bridging knowledge gaps, chief information security officers (CISOs) are raising awareness, and legislators are echoing cybersecurity concerns in political hallways, was discussed by experts as being the most crucial aspect.
• Insurers working to provide their customers with adequate cyber coverage must overcome a slew of challenges, such as the lack of historical data in case of an accident or loss due to natural calamity. In most cases, there is a lack of historical data, but the law also doesn't allow organizations to reveal cyber breaches other than those impacting consumer data. Therefore, a significant number of cyberattacks are left unreported. This deprives insurers of the data required to measure all the costs of cybercrime, making it difficult for them to derive effective cyber policies.