Increase in cyber attacks opens doors for IT security companies

- Thursday, May 5, 2011

Increase in cyber attacks opens doors for IT security companies

Latin America has become a high investment opportunity for global IT security companies after an increase in the complexity and quantity of cyber attacks affecting the region, according to the consultancy Frost & Sullivan.

Latin Americas' network security market grew by 16.6% in 2010, especially in countries like Brazil, Colombia and Peru, Frost said in a report.

"It's very difficult to see cases of global companies that do not consider Latin America and especially Brazil as a priority for investment. Some key organizations that did not have a strong presence before have now established themselves [in the region], especially since 2009," said Fernando Belfort, senior market analyst.

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Frost forecasts positive growth at an annual compound rate for Latin American managed security services, totaling nearly US$800mn for 2016.

"Given the strategic importance of information security within the industry and the acceleration of this segment, we have witnessed major acquisitions in the last two years, and the trend of market consolidation is expected in the short term," Belfort added.