New and Emerging Cyber Threats in Mexico and Latin America: A Snapshot of Expert Perspectives

Latin America faces a mounting challenge as cyber-attacks escalate in frequency and sophistication, with the largest economies, like Mexico, bearing the brunt of these assaults. Various types of threat actors that until recently did not seem to target the region have now found in it opportunities to increase their illicit profits, utilise new tools and expand their activities. This is fuelled by the region’s rapid digitalisation that is yet to be accompanied by solid cybersecurity preparedness. It is exacerbated by the absence of cyber-specific regulatory frameworks that mandate proactive and incident response measures.

Amidst competing policy and business interests, cybersecurity has often taken a backseat. Resources available to organisations to manage their cyber needs are constrained. Governments have in many instances not prioritised investment in cybersecurity measures, despite the need for enhanced defences against evolving threats – which include not only technical measures, but also awareness raising, training and effective crisis communications.

Despite these challenges, efforts to fortify cybersecurity are underway, with national security agencies and private sector entities acknowledging the imperative of collaborative action. From enhancing supply chain security to advocating for regulatory standards and rights protection, both sectors are more and more engaged in international partnerships. Moreover, lessons from regions with more mature ecosystems, international best practices, discussions at multilateral fora, and innovative public-private partnerships are now more frequently referenced by stakeholders in Mexico and across Latin America.

The present report seeks to outline the emerging risks and new cyber threats in the region. It is based on a series of cross-sectoral dialogues organised by the British Embassy in Mexico and facilitated by FTI Consulting. Public and private sector participants shared their views and experiences, under the Chatham House rule, in an collaborative manner, mindful of the importance of information sharing to address cyber vulnerabilities. The document also leverages insights from the UK’s recent experiences and cyber strategy.

The views expressed in this report are those of the authors and do not necessarily represent the views of FTI Consulting, the British Embassy, or the experts that participated in the discussions that were convened in its preparation.