Solo Iron study, based on a Check Point report, points out that the country is a “granary” for attacks due to its unique characteristics
Cyberattacks in Brazil increased by almost 70% in the second quarter of 2024, according to a preliminary study conducted by Solo Iron, Solo Network’s cybersecurity vertical. The growth in the number of this type of crime follows the trend throughout Latin America, which registered 53% more actions of this type in the same period of analysis, according to a report released by Check Point Research.
Also according to the Solo Iron study, in Brazil there is a growing wave of attacks against companies in the health and retail sectors, as well as the government and military institutions, as well as utility companies.
“The problem is that Brazil has become a country with unique characteristics when it comes to cybercrime, with local and global groups operating. It’s not uncommon for there to be attacks in which ransom demand callers take turns between Brazilians and foreigners. In other words: there is also cooperation between criminal groups, especially in financial extortion attacks against Brazilian companies. In addition, international reports indicate that the country’s leading role in international politics has also attracted actors linked to cyberespionage,” explains Ramon Ribeiro, CTO at Solo Iron.
Added to this is the fact that the dollar’s fluctuation in 2024 has delayed several companies’ plans to implement new cybersecurity solutions, mainly aimed at containing complex attacks. “In Latin America, what we see is that the level of maturity in the adoption of cybersecurity tools is much lower when compared to Brazil – and this is one of the main factors that lead these companies to suffer from cybercrime,” adds the executive.
Cyber espionage and financial crimes
A report published by Google last June found that more than 85% of phishing activities targeting Brazil were perpetrated by North Korean and Russian groups. The main targets are Brazilian cryptocurrency companies, the aerospace and defense sector, as well as the government.
Another issue that has affected local companies is ransomware attacks followed by financial extortion. “At this point, Brazil has become prodigal in attacks, because most of the victim organizations end up paying the ransom for the stolen data, in the hope of containing the information leak. The problem is that this doesn’t always happen, and the criminals sell and distribute the data equally,” warns Ribeiro.
In addition, a series of tools for financial fraud are circulating on the dark web, from the use of credit cards to PIX – however, the Brazilian groups that spread these attacks only have a local reach – not extending to other countries.
“More than ever, companies need to adopt proactive cybersecurity management solutions, with a specialized workforce. Just buying the tools doesn’t solve the issue: we still suffer from attacks that start from vulnerabilities that have already been fixed in operating systems. Small teams within companies, difficulty in focusing on cybersecurity and tight budgets demand that organizations look at complete solutions, which offer technology added to technical expertise. This is the way to face the challenges we have today,” Ribeiro concludes.