Much like the rest of the globe, Latin America is experiencing significantly more data breaches and with that, increased sales of cyber insurance.  Cybersecurity firm Norton has reported that last year cybercrime cost Brazil roughly $8 billion and Mexico $3 billion.

According to Javier Mercado, AIG’s financial lines regional manager, “cyber security insurance coverage is still in its “infancy” in Latin America.” Although financial institutions make up the majority of early cyber insurance adopters because of strict regulations and high levels of exposure, “there is interest in cyber protection across a wide range of industries,” throughout the continent. Furthermore, “AIG expects its cyber policy sales to grow fivefold in Latin America this year, which is probably a similar figure to that in the industry as a whole.”

Leave a Reply

  • (will not be published)

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>