Colombia Cybersecurity Outlook

Colombia has accelerated its digitization process in recent years. Digital transformation provides Colombia the opportunity to diversify its activities from a commodity-based to a high value-added services economy. Digital security has become a challenge in the country due to the fast pace of the digital transformation process.
 
The pandemic has impacted a huge number of sectors and industries in Colombia. As a consequence of the drastic measures taken by the local government to stem the spread of the virus, including stay-at-home measures, the adoption of remote work increased almost 400% in the first semester of 2020 when compared to the previous two years (according to the Ministry of Information Technologies and Communications). As a result, companies and people are now more exposed and vulnerable to cyberattacks.

While Colombian companies have made significant investments in cybersecurity in recent years, the demand for additional cybersecurity increased with the arrival of the COVID-19 pandemic. By the end of the first quarter of 2020, the demand for cybersecurity services had increased by 40% in Colombia (according to the Colombian Chamber of Informatics and Telecommunications). As reported by the Cybernetic Center of the Colombian National Police, the first half of 2020 saw a 59% increase in reports of computer crimes compared to the same period of the previous year. This threat encouraged companies in the technology sector to increase their integration of cybersecurity into the digitization process. 

In 2019, Colombia was among the countries in Latin America most targeted by cyber criminals. Cybersecurity has become a frequent topic of policy concern for Colombia. The government proposed a Consolidated Guiding Vision in document CONPES 3701, which seeks to generate national cybersecurity policy guidelines. The aim is to develop a national strategy that counteracts the increase in computer threats to Colombia’s digitization process. 

Colombian entities are implementing their own IT security policies to prevent cyber-attacks. Colombia was highest in the region for companies with implemented cybersecurity polices in 2019 (according to Statista). U.S. cybersecurity companies may find business opportunities in providing cutting-edge cyber solutions to Colombian companies. Demand for these solutions is highest among local companies that handle large volumes of information and could become the target of attacks by cybercriminals and hackers. 

Commercial Specialist Rafael Jimenez of Commercial Service Colombia stands ready to assist U.S. companies pursue tailored opportunities in Colombia.