This year, an increase of up to 30% in the demand for cyber risk insurance is expected in Mexico, according to the cybersecurity firm Fortinet. Companies have been particularly affected by cyberattacks, with 73% of them being targeted by at least one hacking attempt, reported Sergio Navarro, Sales Director at IQSEC. Navarro indicated that cyberattacks are on the rise, especially in data breaches, attacks on critical infrastructures, and ransomware.
Grupo Interesse estimates that by 2025, the demand for cyber risk insurance will grow by up to 30%, with a total expenditure of $2,491 million. The energy, oil/gas, and utilities sectors will lead in the adoption of insurance, reaching 97%. The average cost of a data breach in Mexico last year was $2.2 million, reflecting not only the loss of information but also the costs of restoration and corrective measures, as well as potential legal claims.
Given the increase in cybersecurity threats driven by the misuse of Artificial Intelligence, it is expected that companies in Mexico and Latin America will increase their spending on IT security by 50%, according to Matías Szmulewiez from Baufest. Cisco warns that organizations must improve their security measures to address new risks arising from AI, such as message injection attacks.
A growth in ransomware as a service is expected by 2025, which would increase the frequency of attacks. María Isabel Manjarrez from Kaspersky warns about the availability of hacking kits for as little as $40, which would increase the sophistication of cyberattacks. Sergio Navarro projects a growth in the cybersecurity market in Mexico at an annual rate of 8.11% until 2028, reaching a market volume of $3,190 million by 2027. Navarro urges organizations to reconsider their investments in cybersecurity to have cyber insurance, lamenting the lack of culture regarding this in Mexico compared to other parts of the world.
