Hosting of FIFA world cup 2014 and World Olympics 2016, coupled with increasing number of Cyber Threats & government initiatives were the key factors driving the size of the Cyber Security Industry in the Country.
The Brazilian economy is the largest economy in Latin America and the world’s 6th largest economy. The country has one of the fastest growing internet users in the world. Cyber security and online fraud are major concerns, with annual losses reaching billions of dollars. Brazil is undergoing a digital revolution by shifting from offline channels to online channels. Adoption of social media and digital penetration has amplified exponentially over the past years. During this period, Brazil witnessed a tenfold increase in Internet access and smart phone subscriptions. The emergence of an enlarged and highly connected middle class is shaping Brazil’s cyber industry. Improved access to new information technologies has given rise to a wide array of social, political and economic forms of empowerment in Brazil.
Cyber crime is the top economic crime in the country. According to a research conducted by the IBM, the number of cyber attacks within the country grew by 197% in 2014, and online banking fraud spiked by 40% from last year. The major reason for rising risk of cyber threats in the country is lack of awareness about cyber scams and cyber securities among the population. Brazil has hosted the FIFA world cup in 2014 and Summer Olympic Games in 2016 resulting in the increasing number of foreign tourists in the country.McAfee Antivirus Market Share,Latin America Cyber Security Market,Cybercrime in Brazil, In order to prevent cybercriminals and international scams that can take advantage of the influx of tourists increased consumerism and Brazil’s expanded ICT infrastructure offering more mobile data access, the military has imposed various rules & regulations and also has implemented the cyber security solutions to prevent the scams. There are thousands of attempts to attack information & communication technology systems in Brazil in day to day life. Rising cyber crime problems in the country is the key driver for the growth in the cyber security industry.
The antivirus & antimalware market has increased at a robust rate in past few years. The country comes among the top 10 market for the softwares in the world. The top level treats in the country are cyber theft and financial attacks against individuals, followed by corporates and other government and non-government entities. Cybercriminals in the country take advantages of popular sports and championships attributing to the rising demand for Antimalware and antivirus softwares in the country. Majority of the revenues of the antivirus and malware market comes from enterprises followed by residential sector.
The cyber security market in Brazil is highly fragmented with the presence of number of small & large players. The market is dominated by the cyber security giants such as Symantec Corporation, Avast, McAfee, Kaspersky lab, CA technologies, Trustwave and others.McAfee Antivirus Market Share,Latin America Cyber Security Market,Cybercrime in Brazil.
The report titled “Brazil Cyber Security Market Outlook to 2021- Rising Smart phone Penetration & Increasing Online Banking Transactions to Augment Demand for Security” by Ken Research suggested a CAGR growth of 5.9% in revenue in Cyber Security market in Brazil region in the next 5 years till 2021.
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Ankur Gupta, Head Marketing & Communications