Brazil Firms in Race to Keep Up with Growing Cyberthreats

Rhea-AI Summary

The 2024 ISG Provider Lens™ Cybersecurity report for Brazil highlights the growing cybersecurity challenges faced by Brazilian enterprises. Key points include:

1. Many companies struggle to adopt effective cybersecurity tools and solutions quickly.
2. Phishing attacks have significantly increased, targeting both corporate and personal emails.
3. Enterprises need a multifaceted approach, including access controls, MFA, and regular training.
4. Extended Detection and Response (XDR) is becoming important for cybersecurity command centers.
5. The report evaluates 96 providers across nine quadrants, naming several Leaders in various categories.

ISG emphasizes the need for Brazilian companies to prioritize cybersecurity investments and develop a security mindset throughout their organizations.

Positive

• ISG Provider Lens™ report offers comprehensive analysis of cybersecurity solutions and services in Brazil
• The report evaluates 96 providers across nine quadrants, providing valuable market insights
• Several companies named as Leaders in multiple quadrants, indicating strong market presence

Negative

• Brazilian enterprises struggling to quickly adopt effective cybersecurity tools and solutions
• Significant increase in sophisticated phishing attempts targeting Brazilian companies and individuals
• Many Brazilian companies taking a reactive approach to cybersecurity investments, attracting global hackers

Insights

Cybersecurity Expert

The growing cybersecurity threats in Brazil, particularly sophisticated phishing attempts, highlight a critical challenge for enterprises and individuals alike. The report's emphasis on the need for a multifaceted approach is spot-on, but there's more to consider.

First, the shortage of specialized cybersecurity talent in Brazil is a significant concern. This skills gap not only leaves companies vulnerable but also increases their reliance on external solution providers. While this can bring in expertise, it also introduces potential risks if not managed carefully.

The report mentions extended detection and response (XDR) as an emerging platform for cybersecurity command centers. This is indeed a promising development, as XDR can provide a more holistic view of threats across multiple security layers. However, its effectiveness hinges on proper implementation and integration with existing systems.

One aspect not deeply explored is the potential impact of Brazil's General Data Protection Law (LGPD). As companies scramble to improve their cybersecurity posture, they must also ensure compliance with these regulations, adding another layer of complexity to their security strategies.

Lastly, while the report rightly emphasizes the need for C-level involvement in fostering a security mindset, it's important to note that this cultural shift must permeate all levels of an organization. Employee training and awareness programs should be ongoing and adaptive to evolving threats, not just one-time initiatives.

Financial Analyst

The cybersecurity landscape in Brazil presents both challenges and opportunities from a financial perspective. The report's findings suggest a growing market for cybersecurity solutions and services, which could translate into significant revenue potential for providers in this space.

However, the slow adoption rate among Brazilian enterprises is a double-edged sword. While it indicates untapped market potential, it also suggests that convincing companies to invest proactively in cybersecurity might be an uphill battle. This could lead to longer sales cycles and higher customer acquisition costs for cybersecurity firms operating in Brazil.

The report's mention of increasing sophistication in phishing attempts is particularly noteworthy. This trend could drive demand for advanced email security solutions and user training programs, potentially creating new revenue streams for cybersecurity providers.

Investors should pay attention to companies named as Leaders in multiple quadrants, such as IBM, ISH Tecnologia and Accenture. These firms are well-positioned to capitalize on the growing cybersecurity market in Brazil. However, it's also worth watching the Rising Stars, as they could represent high-growth investment opportunities.

Lastly, the emphasis on XDR solutions suggests a shift towards more comprehensive, integrated security platforms. This trend could favor larger, established players who can offer end-to-end solutions, potentially leading to industry consolidation and affecting valuations in the cybersecurity sector.

Enterprises and individuals in Brazil are both falling victims to increasingly sophisticated phishing attempts, ISG Provider Lens™ report says

SÃO PAULO--(BUSINESS WIRE)--

Many Brazilian enterprises are still struggling to quickly and effectively adopt the tools and solutions needed to counteract growing cyberthreats in all economic sectors, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2024 ISG Provider Lens™ Cybersecurity - Solutions and Services report for Brazil says Brazilian enterprises must reinforce their protection and resilience efforts against a backdrop of increasing cyberattacks. These companies must take the initiative to build a secure environment, not only by adopting technologies and best practices but also by developing a security mindset throughout the organization, but especially at the C-level, the ISG report says.

“Many Brazilian companies are finding it challenging to muster a sufficiently specialized team that can effectively counter security threats,” said Doug Saylors, partner, co-lead, ISG Cybersecurity. “As a result, the role of solution and service providers takes on even greater relevance and responsibility.”

One of the top threats facing Brazilian enterprises and individuals alike is “phishing,” the ISG report says. Phishing is an online fraud technique criminals use in electronic communication to trick individuals into revealing personal information, such as passwords and credit card details, by pretending to be a trustworthy entity. According to the report, there has been a significant increase in phishing attempts in Brazil, involving both corporate and personal emails. These attempts have grown steadily in sophistication, with increasingly well-worded messages aimed at gaining advantages, such as paying fake bills and providing personal data that enables criminals to carry out subsequent attacks, ISG says.

Recognizing and avoiding these attacks are crucial to protecting online security, the ISG report says. To counteract this threat, enterprises must take a multifaceted approach, adopting strategies and practices to protect themselves from both phishing attempts and from the use of data that has already been exposed, the report says. Solutions to such attacks include access controls, multi factor authentication (MFA), advanced e-mail filters and regular training, as well as careful segregation of work and personal use on mobile devices, ISG says.

“Too many companies in Brazil are still taking a reactive approach when prioritizing investments in cybersecurity,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “By delaying the adoption of new cybersecurity solutions and services, Brazilian enterprises are attracting an increasingly well-instrumented global hacker community.”

The report also examines how extended detection and response (XDR) is becoming the evolutionary platform of a cybersecurity command center.

For more insights on the top cybersecurity challenges faced by Brazilian enterprises, along with ISG’s recommendations for addressing them, see the ISG Provider Lens™ Focal Points briefing here.

The 2024 ISG Provider Lens™ Cybersecurity - Solutions and Services report for Brazil evaluates the capabilities of 96 providers across nine quadrants: Identity and Access Management, Extended Detection and Response (Global), Security Service Edge (Global), Extended Detection and Response, Technical Security Services, Strategic Security Services, Managed Security Services – SOC (Large Accounts), Managed Security Services – SOC (Midmarket) and Vulnerability Assessment and Penetration Testing.

The report names IBM as a Leader in six quadrants, while ISH Tecnologia is named as a Leader in five quadrants. Accenture and Logicalis are named as Leaders in four quadrants each, while Broadcom and Microsoft are named as Leaders in three quadrants each. Agility Networks, Capgemini, CrowdStrike, Deloitte, NTT DATA Inc, Palo Alto Networks and Trend Micro are named as Leaders in two quadrants each, while Cato Networks, Cipher, Cisco, Edge UOL, EY, Forcepoint, Fortinet, GC Security, IT.eam, Kaspersky, Netskope, Okta, PwC, RSA, SEK, senhasegura, SentinelOne, Stefanini, Unisys, Versa Networks, YSSY and Zscaler are named as Leaders in one quadrant each.

In addition, Asper, Capgemini, KPMG, Kyndryl, Palo Alto Networks, Ping Identity, Skyhigh Security, Stefanini, TIVIT and Trellix are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

In the area of customer experience, Zensar Technologies is named the global ISG CX Star Performer for 2024 among Cybersecurity – Solutions and Services partners. Zensar Technologies earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

Customized versions of the report are available from Agility, Asper, IBM, ISH Tecnologia, Kaspersky, Scunna and Vortex.

The 2024 ISG Provider Lens™ Cybersecurity - Solutions and Services report for Brazil is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of insights to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI and automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731405211/en/

Press:

Will Thoretz, ISG

+1 203 517 3119

will.thoretz@isg-one.com

Thábata Mondoni, Mondoni Press for ISG

Mobile: +55 11 98671 5652

thabata@mondonipress.com.br

Source: Information Services Group, Inc.

FAQ

What are the main cybersecurity challenges facing Brazilian enterprises according to the ISG report?

The main challenges include quickly adopting effective cybersecurity tools, countering sophisticated phishing attempts, and developing a security mindset throughout organizations, especially at the C-level.

How does the ISG Provider Lens™ report evaluate cybersecurity providers in Brazil?

The report evaluates 96 providers across nine quadrants, including Identity and Access Management, Extended Detection and Response, Security Service Edge, and Managed Security Services, among others.

What solutions does ISG recommend for Brazilian companies to counter phishing attacks?

ISG recommends a multifaceted approach including access controls, multi-factor authentication (MFA), advanced email filters, regular training, and careful segregation of work and personal use on mobile devices.

How many companies were named Leaders in the ISG Provider Lens™ Cybersecurity report for Brazil?

The report names several companies as Leaders across different quadrants, with IBM leading in six quadrants, ISH Tecnologia in five, and Accenture and Logicalis in four quadrants each.

What is the significance of Extended Detection and Response (XDR) according to the ISG report?

The report highlights XDR as becoming the evolutionary platform of a cybersecurity command center, indicating its growing importance in comprehensive cybersecurity strategies.