Jorge Aguilar Perez shared some insights on the cybersecurity market in Latin America with a quick Q&A on BioCatch’s blog. Perez is the BioCatch Sales Director for Mexico, Central America, and the Caribbean, and explained that the region’s high rates of mobile penetration and mobile payments coupled with weak digital infrastructure make many Latin American institutions highly vulnerable to fraud.  

“For many years, there has not been enough investment in cybersecurity in Latin America, which has allowed the hackers to exploit many vulnerabilities that do not exist in other regions with a more mature security infrastructure,” said Perez.

“Banks and retailers will need to offer full, comprehensive experiences on the web and mobile for their clients. Many institutions in LATAM are not there yet.”

According to Perez, 92 percent of Latin American banking institutions experienced some form of cyberattack in 2018, which only demonstrates the magnitude of the problem. He then went on to highlight behavioral biometrics as a potential solution, allowing for the creation of a secure digital identity that reduces the amount of friction in digital transactions while remaining resistant to increasingly sophisticated cyberattacks.

Perez predicts that unified digital identities will become ubiquitous in Latin America in the next five years, greatly increasing people’s access to secure and convenient financial services.

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(Originally posted on FindBiometrics)