According to the latest report published by the research firm Frost & Sullivan, Panama’s cybersecurity market will generate US$51.2 million this year, a figure that represents a growth of 34% compared to the previous year. With this, Panama will positions itself as the country with the highest growth in Central America in cybersecurity services.
Meanwhile, the managed cybersecurity services market in Latin America will reach US$1,708 million by 2024, representing a growth of 12.8% compared to 2023.
Marcelo Ruiz Vásquez, consulting director at Frost & Sullivan, explained that the presidential elections of last May 5 were one of the main reasons for the growth this year. It is a common occurrence because governments in the region seek to increase their cybersecurity on election day.
He assured that other factors were the creation of cybersecurity awareness programs as part of Digital Panama strategies by government entities, as well as educational opportunities at universities in the country focused on reducing talent shortages through cybersecurity certifications.
He also highlighted that in Panama, the sectors most affected by cyber attacks are the financial, government and logistics (ports) sectors, with ransomware, phishing and identity theft being the types of attacks with the most incidence.