Cyber-crimes Cost Latin Countries 93 Billion Dollars Each Year

Cyber crime is becoming a massive problem in Latin America and South America, costing some 93 billion dollars in yearly losses to companies and banks. According to reports, the countries of Brazil, Mexico and Argentina are suffering the most from this information technology crime problem.

In an investigation conducted by IT experts dubbed Proyecto Amparo (Support Project) it was learned that cyber crime is becoming more complex and sophisticated in Latin America. According to IT experts “the criminal business model is expanding exponentially day by day.” Moreover, the experts revealed when banks are hit by a cyberattack the average cost is 50,000 dollars, or 50-60 dollars per affected account.

A cybercrime, refers to any crime that involves a computer and a network. The computer may have been used in the commission of a crime, or it may be the target