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As we know, the majority of all cyber policies (90 percent) are purchased by US companies. This means that the remaining ten percent of policies are distributed to the rest of the world. In Latin America, a region with many of the world’s fastest-growing economies and countries with the largest increases in the adoption of Internet technology, most businesses are left uncovered.

The explosion of internet users means that there are more victims for cybercrime. However, “most Latin American countries have done little in the way of enacting laws to dissuade cybercrime either through governing and reporting requirements for those in possession of sensitive data or through more severe penalties for corresponding loss.” Mexico is leading the charge by proposing harsher penalties for data breaches but, on the other side of the spectrum, Brazil, the world’s seventh largest economy and sixth largest population, who loses $8 billion a year to cybercrime, has done little in the way of cybersecurity.

More on Latin American cyber insurance can be found here.

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