Market Trends of Brazil Cybersecurity Industry
This section covers the major market trends shaping the Brazil Cybersecurity Market according to our research experts:
Increasing Use of IoT Devices to Boost the Market
- The use of IoT devices is increasing in Brazil across different sectors. More IoT devices and software working on Internet of Things technologies are connected to the internet, increasing the vulnerability of businesses. The increasing number of connected devices creates more end-points for intruders to target an organization's digital assets. Hence, the devices and associated networks require specialized attention to cybersecurity.
- Cyberattacks are increasing every day in Brazil. The attackers leverage the IoT devices through different media and forms of access to the network. For instance, according to the Kaspersky Security Bulletin last year, the IoT Threat Statistics highlighted that 77.47% of attacks on Kaspersky traps were carried out using the Telnet protocol. Among the top 10 countries, Brazil secured the fifth position, with 3.83% of the total number of devices from which the attacks were carried out on Kaspersky Telnet traps.
- The IoT ecosystem in Brazil is developing through companies partnering to bring new-age solutions for businesses and ventures, complying with the security norms. For instance, in May of the current year, IDEMIA and TIM reinforced their partnership for the eSIM management solutions for Internet-of-Things and Machine-to-Machine markets. The current collaboration allows eSIM activation on IDEMIA's platform in an eUICC secure element on TIM's network, facilitating the building of business intelligence solutions that comply with data security and privacy regulations.
- Different end-user industries are incorporating IoT devices, leveraging their integration for informed decisions. For instance, in the current year, Telit partnered with ConectorAGRO to develop smart farming solutions in Brazil's agricultural industry. Telit would offer its sensors and monitoring devices for collecting and analyzing data from the fields for different purposes, including irrigation management, livestock monitoring, etc., complying with the regulatory measures.
- Integrating different aspects of businesses through IoT devices requires stringent measures to ensure cyber security from any external threats. The increasing integration in several end-user industries demands respective cybersecurity solutions for different levels and types of integrations, thus creating considerable scope for cybersecurity companies to offer their services.
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Cloud Security Dominating Majority Growth of the Market
- Brazil has recently witnessed some crucial infrastructural upgradations in the recent times. The country sustained the COVID-19 pandemic by adopting several policies and operational changes, including hybrid cloud working policies and higher digitalization of businesses. Such measures increased the involvement of cloud computing and technologies, needing specialized cloud security solutions against the increasing cyber-attacks.
- The growing cloud and network infrastructure have seen some prominent introductions to equip Brazil's cloud infrastructure well through long-term investments. For instance, last year, IBM corporation announced the inauguration of its first IBM Cloud Multizone Region (MZR) in Latin America due to its continuous investments in cloud infrastructure to accelerate hybrid cloud adoption through its existing data center footprint in Brazil. The facility aims to continue IBM's global footprint in a security-rich cloud infrastructure with confidential computing capabilities.
- The regulatory norms in Brazil are evolving simultaneously with the developing industry, adding assured security for a reliable cloud computing experience. For instance, the government of Brazil sanctioned the Brazilian General Data Protection Act (Federal Laws No. 13,709/2018) (LGPD), with its general provisions coming into enforcement in September 2020. Also, the provisions of the LGPD regarding administrative penalties entered enforcement in August of last year, applying irrespective of industry or business on collecting or processing personal data. Such laws strengthen data processing, data security, and data breaches according to the user's consent, strengthening the privacy and use of data in cloud implementations.
- The IT sector utilizes the cloud on a large scale, welcoming businesses of all sizes on the internet. The development is still at an earlier stage compared to the global scale of losses due to cyberattacks. However, the increasing incidences require active cloud security measures in Brazil, creating tremendous scope for the service providers.
