Cyber Threats in Mexico: A Growing Concern

By Aida Pelaez-Fernandez

MEXICO CITY (Reuters) – Mexico accounted for just over half of all cyber threats reported in Latin America in the first half of 2024, according to a study by cybersecurity firm Fortinet (NASDAQ:FTNT).

Importance of the Findings

As Mexico experiences a nearshoring boom, where companies are shifting production closer to their primary markets, cybercriminals are increasingly targeting sectors like logistics and automotive, as well as electronics manufacturing, to maximize the impact and benefits of their attacks.

Executives noted that hackers are focusing on specific market segments for larger ransoms, utilizing artificial intelligence to improve efficiency.

Key Statistics

• Mexico faced 31 billion cybercrime attempts in the first half of 2024, accounting for 55% of reported threats in Latin America.
• Fortinet indicated a global shortage of 4 million AI professionals, with 1.3 million in Latin America and the Caribbean, and around 500,000 in Mexico.

Quotes from Experts

Jorge Miranda, Fortinet's Mexico chief, highlighted that Mexico is experiencing more cyber attacks than Brazil due to its proximity and commercial ties with the United States. He mentioned that processing companies involved in nearshoring are the targets of ransomware attacks seeking much larger ransoms.

Despite a decrease in attacks from 94 billion in 2023, Miranda asserted that the cybercrime rate remains alarmingly high.

Future Prospects

Fortinet hopes that Mexico will implement a cybersecurity law within the next year or two to strengthen defenses against such attacks. Last week, President Claudia Sheinbaum stated her commitment to establishing a cybersecurity and artificial intelligence center during her term but did not mention any proposed legislation for a law.