El Salvador’s Cybersecurity industry grew 19% over the last year

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By LatAm Reports Staff Writers

The firm Frost & Sullivan notes that El Salvador is the third country with the most ransomware cyberattacks in the region.

Cybersecurity services in El Salvador grew by 19 percent in the last year, the third largest rate in the Central American region, a study by the firm Frost & Sullivan revealed.

With the advancement of technologies, the cyber threats that have come to overthrow large companies with regional operations, such as Clare that in February of this year also increased theservices after being the victim of a ransomware attack.

According to the report, services to protect themselves from cyber threats reached $1.708 million in Latin America, with a growth of 12.8 percent. In El Salvador, revenues for these services reached $6.6 million.

From Central America, Panama recorded the highest growth by 34 percent, with revenues exceeding $51.2 million. Second is Guatemala, with a variation of 31 % and contributions of $39.8 million.

Costa Rica reported a growth of 13 percent, with revenues of $19 million; Honduras was left with 12 percent and contributions of $10.4 million; and Nicaragua with 9 percent after accumulating services valued at $3.5 million.

Marcelo Ruiz, consultant director of the firm Frost & Sullivan, described El Salvador’s cooperation with the United States since 2021 as positive in cybersecurity and the policies that banking implements to protect itself from virtual threats.

Ruiz noted that El Salvador is the third country with the most ransomware cyberattacks and the fifth of phishing in Latin America.

Ransomware is a malicious code that prevents the operation of the equipment of a company or institution, while cybercriminals infiltrate the systems to steal the information. These subjects usually ask for a ransom in exchange for delivering the data, leaving the company vulnerable and their customers’ information.

Phishing, meanwhile, aims to gain people’s trust to take over sensitive information, such as bank details.

Ruiz pointed out that the company Sistemas Aplicativos (SISAP) is the only Latin American company to be in the top 15, for the second consecutive year, in the edition of Frost RadarTM 2024, published by Frost & Sullivan.

The document reviews more than 50 of the 200 cybersecurity companies operating in America.

This article has been translated after first appearing in Diario El Mundo