Market Trends of Colombia Cybersecurity Industry
This section covers the major market trends shaping the Colombia Cybersecurity Market according to our research experts:
Rapidly Increasing Cybersecurity Incidents and Regulations Requiring its Reporting
- The country is witnessing an increasing number of cyber attacks. For instance, in March 2022, Globant confirmed that they had detected a breach in their system, and the cyber attacker had gained access to the company's code repository. According to a cybersecurity expert, the company's data leak started in Colombia.
- In January 2021, ESET, a cybersecurity firm, revealed its Operation Spalax campaign for Colombia. In 2020, the company saw several attacks targeting Colombian entities exclusively. These attacks were focused on both government institutions and private companies. For the latter, the most targeted sectors included energy and metallurgical. Moreover, ESET pointed out that the threat actors use a selection of droppers and packers to deploy the Trojan payload. Such instances are leading to developments in cybersecurity for both government and private and public firms in the country.
- Moreover, due to the growing concern for cyber attacks, the Colombian Government is taking initiatives to develop greater and better analysis, prevention, and response capabilities, from the public sector jointly with private entities.
- For instance, in April 2022, the Ministry of Information and Communications Technologies (ICT) published a draft Decree to create a governance structure model focused on digital and cybersecurity. The purpose is to coordinate and strengthen the capabilities of all parties involved in digital and cybersecurity to manage risks and security incidents, establish adequate responses to such incidents, and protect the country's infrastructure, systems, technology, and digital ecosystem networks.
- According to a study on the maturity level of national cybersecurity strategies, the cybersecurity strategy of Colombia scored the highest in the area of strategy development, in which this country's response received a maximum of five. According to the Capability Maturity Model (CMM), a grade of one means the country's cybersecurity strategy is at very initial stage, whereas five indicates such strategy is at an advanced stage.
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Cloud Deployment Drives the Market Growth
- The organizations in Colombia had to accelerate their digital transformation strategy to cope with the challenges of the Covid-19 pandemic. Organizations are leveraging cloud computing, Artificial Intelligence, and blockchain-driven solutions to achieve business efficiency. Particularly, the cloud has become a significant enabler for firms improving their digital infrastructure.
- In July 2022, Oracle announced its partnership with Claro to offer Oracle Cloud Infrastructure (OCI) services to Colombia's public and private sector companies to help customers adopt cloud solutions. In order to improve the customer billing and service process, Claro will migrate over 100 on-premises servers running mission-critical workloads to the cloud infrastructure.
- In July 2022, LIWA SAS, a Colombian multi-service provider, announced the launch of a mobile offering with cybersecurity firm Cyan. Cyan's platform enables mobile virtual network operators (MVNOs) such as LIWA to operate through a cloud-based service hub, providing flexibility and independence from host operators.
- The country is increasing its digital infrastructure to deploy digital transformation effectively. In July 2021, the CAF- development bank of Latin America approved a USD 500 million loan to accelerate Columbia's digital transformation of the state. This will promote the strategic use of digital technologies to modernize the state and economic revival, provide high-quality digital public services, and harness data and artificial intelligence to improve public policy.
- As the rising usage and exposure to the internet continue to expand across Latin America, so are the challenges and vulnerabilities regarding cybersecurity. The shortage of trained IT professionals makes it difficult for organizations in Latin America, including Colombia, to tackle these security gaps. As a result, the country is witnessing cyber attacks.
