Fintechmagazine Cybersecurity Concerns Hinder SME Digital Growth in Latin America
Article Content
- •51% of SMEs cite fear of fraud and cyberattacks as barriers to digital growth.
- •97% of SMEs in Latin America accept digital payments, showing high adoption.
- •Only 18% of SMEs feel highly prepared to protect against cyber threats.
A recent Mastercard study reveals that 51% of SMEs in Latin America cite fears of fraud and cyberattacks as significant barriers to digital growth. While 97% of SMEs accept digital payments, concerns over cybersecurity are limiting their expansion into new markets and the use of digital tools. The study surveyed 2,400 SME owners across 12 countries, indicating that cybersecurity is perceived as a business imperative rather than just a technical issue. Despite high awareness of cybersecurity (93%), only 18% feel well-prepared to protect their businesses. The findings suggest that enhancing cybersecurity could enable up to 25% additional growth for nearly half of the respondents. Mastercard is investing in resources to help SMEs strengthen their digital confidence and security posture.
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