As Latin American organizations modernize business and adopt new technologies, awareness of more security risks, for both the organization and its business associates, drastically increases the importance to better align these business innovations with cybersecurity and privacy investments. According to IDC, 86% of the Latin American enterprises are in the early stages of Digital Transformation, adopting new technologies and digital models, and still lacking the alignment of their objectives with long-term goals. However, by 2022, it is expected that 50% of the region's gross domestic product will be the result of the digitization of products and services, operations, and business relations. 70% of IT spending will be allocated to 3rd Platform technologies (cloud, mobility, social, big data and analytics) as 75% of companies will build "digital native" IT environments to compete in the region’s digital economy.
The growing adoption of new technologies also poses a risk in security. There are several concerns that cybersecurity teams must deal with, such as the management of fragmented infrastructure, reduced budgets, boards demanding visible results and lack of qualified security professionals. Those challenges are often related to one another, for example, boards are directly impacting the reduced budgets, while at the same time demanding visible results in the short term which ultimately implies working under a reactive strategy, increasing challenges around management of the infrastructure.
According to Fernando Mitre, PwC Partner for PwC Brazil, “The adoption of cloud computing, Internet of Things (IoT), artificial intelligence (AI) and other digital technologies require a reassessment of a security strategy to be better aligned with the business transformation opportunities that these technologies enable. A business-driven security strategy supported by early planning, line of business engagement by the CISO, top talent and a strong network of solution partners will ultimately increase the effectiveness of cybersecurity and privacy strategies and deliver more value to the enterprise.”
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