Market Trends of Mexico Cybersecurity Industry
This section covers the major market trends shaping the Mexico Cybersecurity Market according to our research experts:
Cloud Deployment is Expected to Drive the Market
- Cloud is one of the most rapidly growing recent technologies, eliminating the traditional boundaries of IT, creating new markets, spurring the mobility trend, and enabling advances in unified communications.
- Cybercriminals targeting remote employees to steal critical data have recently increased the demand for cybersecurity in the country. According to the Inter-American Development Bank (IDB), the situation is much more volatile in Latin America, where most countries like Mexico do not have a strong cyberinfrastructure to withstand attacks.
- Installation prices are an integral part of the deployment. Most Mexican companies are shifting to cloud-based cybersecurity services as it is seen as a flexible and economical alternative.
- Moreover, Mexico is one of the major IaaS markets in the Latin American Region. The government has also announced plans to improve the nation's digital infrastructure with cloud connectivity.
Understand The Key Trends Shaping This Market
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BFSI Segment is Expected to Hold a Significant Market Share
- The BFSI industry is one of the vulnerable infrastructure segments facing numerous data breaches and cyberattacks. This is due to the sector's large customer base and financial information at stake. For instance, in 2021, malware called Ploutus targeted ATMs of prominent banks in Mexico.
- In the past, the Bank of Mexico (Banco de México), along with other banks and insurance companies, have been attacked. The major insurance regulator, the Insurance and Bonding National Commission (Comisión Nacional de Seguros y Fianzas) (CNSF), was also targeted. Demand for cyber security insurance will continue to grow, as no sector is immune to cyberattacks and the responsibilities that arise from them (which are exacerbated by privacy laws and financial secrecy).
- At a global level, the demand in the Mexican market is high, and there are some large international companies. However, there are also domestic companies that are benefiting from the growth of the industry. There is a clear requirement for increased product offerings (especially for SMEs) and more competition within the sector. A dedicated IT cluster could be a solution for developing low-cost cybersecurity products and services.
- Cybercriminals are optimizing various diabolical cyberattacks to immobilize the financial sector as a highly lucrative operation model with returns and the added upside of relatively low risk and detectability. These attacks' threat landscape ranges from Trojans, ATM, ransomware, mobile banking malware, data breaches, institutional invasion, data thefts, fiscal breaches, etc.
- Amid the rising cyber attacks, the country has set up various bodies to protect citizens' data. For instance, Information and Protection of Personal Data protect the personal information of Mexican citizens. According to a study by Wilson Center, Mexico's digital infrastructure has reached around half of the population, the vulnerabilities are prevalent, and the country's administration has been required to adapt to the era of smart grids, telecommunications, and online finance.
