Is Brazil a nation of cybercrime? An overview of the scenario
Brazil is among the countries most affected by cybercrime in the world. According to McAfee estimates, cybercrime caused a loss of USD 22.5 billion to the country in 2022 alone. And these attacks were not only restricted to people. Scams targeting businesses rise exponentially daily.
In this article, we will be looking at an overview of cybercrime in Brazil, while also discussing its main cause and how to protect yourself and your company going forward!
Cybercrime in Brazil: what affects individuals the most?
Cyberattacks pose significant risks to people's security and privacy in Brazil. Account theft has been identified as the most common type of digital fraud, accounting for 72% of scams in the country in 2022.
This means that every minute, a new account is lost. Fraudsters use leaked data, cloned chips, and social engineering techniques, such as fake links and emails, to obtain access information from victims.
Besides account theft, other very common risks include identity theft, financial fraud, invasion of privacy, and extortion. Scams can occur in different stages, from creating fake accounts to carrying out fraudulent transactions.
Experts point out that one of the reasons why people become more vulnerable to scams is the lack of information security awareness — which can, for example, lead them to expose sensitive data and fall for scams more easily.
The leading cybercrime risks for businesses
In the context of business, cyber threats are also worrying. Brazilian companies face an increasing number of attempted cyberattacks, placing confidential data, proper service delivery, intellectual property, and their reputation at risk.
In the first half of 2022 alone, 31.5 billion attempted cyberattacks on companies were recorded — an increase of 94% compared to the first half of 2021. São Paulo is the most affected state, concentrating 37.68% of the total recorded scams.
A worrying reality is the fact that Brazilian companies don’t invest much in cybersecurity, allocating only 10% of their technology investments to this area, compared to 25% to 30% in other countries.
This disparity reveals the lack of priority given to information security, and in particular to employee awareness of cyber risks for companies.
Investing in training aimed specifically at employee awareness is key to protecting companies from scams, as around 90% of cyberattacks target employees, not IT and cybersecurity systems.
The Importance of Information Security Awareness
Given this critical scenario, information security awareness has emerged as a key measure to tackle cybercrime in Brazil. The lack of knowledge about risks and best security practices contributes to the vulnerability of both people and companies.
Everyone must be educated on the importance of protecting their personal information, using strong passwords, avoiding unnecessary data sharing, and keeping an eye out for suspicious activity. And this is by no means our own opinion. Decree No. 10,222, which approved the National Cybersecurity Strategy (E-Ciber) states:
"As such, the development of a culture of cybersecurity is highly recommended, using education to reach all sectors of society and levels of schooling, to prevent incidents and foster the responsible use of technologies, which is a key factor in the development of the nation."
At the corporate level, investments are required for training and capacity building among employees, coupled with the implementation of effective security policies. Brazilian companies must recognize the importance of keeping employees up to date with best cybersecurity practices:
"Thus, it is important that organizations, whether public or private, establish cybersecurity policies and procedures that are periodically reviewed, address technological evolution, process improvement, and the need for continuous and structured training for all employees through capacity building and training programs."
Conclusion
Brazil is facing a critical cybercrime scenario, with an alarming increase in the number of cyberattacks targeting people and companies. A severe lack of information security awareness, coupled with low investment in cybersecurity, contributes to the country's vulnerability to these threats.
Awareness is the best way to tackle cybercrime and protect our information and digital infrastructures. Only through awareness and the union of efforts among the State, private sector, and society, is it possible to build a safer and more resilient digital environment for Brazil.
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