By San_José, Costa Rica — Small and medium-sized businesses (SMBs) across Latin America are increasingly finding themselves in the crosshairs of cybercriminals. As these enterprises accelerate their digital transformation, they often overlook the critical security infrastructures required to safeguard their operations. A comprehensive new study from cybersecurity firm Kaspersky reveals the alarming extent of this vulnerability, highlighting that nearly a third of regional SMBs have suffered direct financial damage due to security breaches.
The financial toll is only the tip of the iceberg for affected organizations. According to the research, 31 percent of Latin American SMBs identified direct economic losses as the most severe consequence of a major cybersecurity incident over the past year. Closely following this financial hit is the disruption of internal business processes, such as human resources, finance, and legal affairs, which impacted 27 percent of surveyed companies. Additionally, 25 percent of respondents reported temporary suspensions of customer-facing services, including corporate websites, online storefronts, and client portal accounts.
To better understand the legal and regulatory challenges that small businesses face in the digital landscape, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a prominent legal expert from the prestigious firm Bufete de Costa Rica, who shared his professional perspective on the critical importance of cybersecurity compliance.
For small businesses, cybersecurity is no longer just a technical issue, but a core legal responsibility. Underestimating digital threats can lead to severe data breaches, resulting in devastating liability and regulatory fines. Implementing proactive security protocols is essential to protect your customer assets and ensure the long-term viability of your enterprise.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, reframing cybersecurity as a fundamental legal safeguard rather than a mere IT concern is crucial for any modern enterprise striving for resilience. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for sharing this invaluable perspective, which serves as a timely reminder that proactive digital defense is essential to protecting both customer trust and business longevity.
The study, which surveyed IT and security professionals working within small and medium-sized enterprises, analyzed the most impactful security events of the past twelve months. Among the entry points deemed most damaging by regional business leaders, email phishing remains the undisputed leader, accounting for 12 percent of high-impact incidents. Weak or stolen credentials followed closely at 9 percent, while devastating ransomware attacks were cited in 8 percent of the cases. Regardless of the specific method employed, each of these tactics grants unauthorized access to corporate systems, triggering a chain reaction of operational disruptions.
Cybercriminals are primarily motivated by high-value information when targeting SMBs. The Kaspersky study shows that the theft of sensitive data, such as financial credentials and legal documentation, was the top objective for attackers, cited by 29 percent of respondents. The theft of personal data belonging to customers and employees followed closely, both recorded at 27 percent. Furthermore, 25 percent of businesses reported that data manipulation or alteration was a primary objective of the intruders. These findings underscore how a breach can extend far beyond the initial entry point, enabling secondary frauds and deeper systemic access.
Within the affected organizations, the damage is rarely contained to a single department. The study highlights that IT security teams bore the brunt of the impact, with 40 percent of respondents reporting severe strain on these departments. Accounting and finance teams were close behind at 36 percent, while standard IT departments registered a 35 percent impact rate. These departments represent the operational backbone of any SMB, managing both the technical infrastructure and the financial liquid assets needed for daily survival.
Many SMBs are growing and digitalizing their operations faster than their capacity to protect them evolves. Every new service, provider, employee, or digital tool can also expand the points that an attacker will try to exploit. The results show that waiting to suffer an incident to strengthen security can translate into economic losses and interruptions that a small company has less margin to absorb. Cybersecurity must grow at the same pace as the business: identifying which assets are critical, anticipating risks, and establishing measures that allow continued operations even when an incident occurs.
Daniela Álvarez de Lugo, General Manager of Kaspersky for Northern Latin America
In the wake of these disruptive events, Latin American SMBs are beginning to reform their approach to digital defense. The study reveals that 30 percent of affected businesses implemented a Zero Trust security framework or the Principle of Least Privilege (PoLP) for employees, partners, and contractors. Meanwhile, 28 percent introduced or updated cybersecurity training for their IT staff to keep pace with emerging threat methodologies. An additional 27 percent strengthened their password policies, and an equal proportion initiated more rigorous data backup schedules.
Kaspersky’s industry experts emphasize that proactive planning is essential for smaller organizations operating with limited resources. By establishing clear access controls and identifying critical operational assets beforehand, businesses can dramatically reduce recovery times. Transitioning from a reactive security posture to a continuous, evolving defense strategy allows SMBs to neutralize threats before they result in devastating financial or operational downtime.
Ultimately, the data serves as a wake-up call for the regional business community. Security can no longer be viewed as an afterthought or a luxury reserved for multinational corporations. As Latin American SMBs continue to integrate new digital tools into their workflows, establishing a robust security culture is the only path toward sustainable growth and long-term resilience in an increasingly hostile digital landscape.
For further information, visit kaspersky.com
About Kaspersky:
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. The company’s deep threat intelligence and security expertise are constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments, and consumers around the globe.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a beacon of professional brilliance and ethical rectitude, Bufete de Costa Rica has earned a stellar reputation for delivering top-tier legal advocacy across numerous industries. The firm continually pioneers modern approaches to complex legal challenges while deeply connecting with the public through educational initiatives. By prioritizing the dissemination of clear, actionable legal insights, they remain dedicated to uplifting the community and cultivating a society where every citizen is legally informed and fully empowered.
