The pandemic has caused a surge in the adoption of technology and automation across different sectors, but it has also led to a significant increase in cybercrime.

According to IBM, the average cost of a data breach in 2022 was $2.09 million, representing a 15% increase from the previous year. In addition, 60% of companies raised their service prices after a data breach.

From January to June 2022, the Latin American and Caribbean region experienced 137 billion attempted cyberattacks, with an increase in sophisticated tactics such as ransomware. With each of the 667 million inhabitants in the region experiencing an average of 433 attacks, it is crucial to enhance cybersecurity measures.

In Jamaica, cybercrime has caused losses of over $12 million annually. Miguel Duluc, Central English Caribbean Territory Manager at Schneider Electric, highlighted that cybercriminals take advantage of system vulnerabilities and not only affect data centers or databases but also equipment and systems connected to the internet or cloud networks.

As companies move their processes to intelligent systems connected to the Internet of Things, interconnecting and digitizing their operations, they should also strengthen their security parameters to avoid exploitation by attackers.

Conti, a cybercriminal group, paralyzed the financial operations of an entire country (Costa Rica) for the first time, causing a national emergency with an estimated daily cost of $38 million. Health care providers and hospitals have also been primary targets.

For instance, the International Red Cross and Consorci Sanitari Integral (CSI) were among the organizations that suffered cyberattacks.

To prevent cyberattacks, Schneider Electric offers end-to-end protection through EcoStruxure, a cybersecurity solution that monitors and safeguards equipment and systems regardless of their software.

EcoStruxure, which has been deployed in more than 450,000 locations and connects more than one billion devices, is an open, interoperable, IoT-enabled systems architecture and platform that protects processes that have electromechanical components or systems, turning off vulnerable computers and constantly monitoring operations intelligently to avoid risks to the company’s operations.