The Inter-American Development Bank (IDB) has approved a $30 million loan to help Argentina implement the Cybersecurity Program for Critical Information Infrastructures (CII), an initiative aimed at reducing the cost of cyberattacks in the country through early detection.
By stepping up protection for Argentina’s public institutions and their technological infrastructure, the program will increase Argentina's cybersecurity, which will benefit citizens, the private sector, and the government. To achieve this, the program will strengthen the institutional and technological capabilities of the Argentinian Secretariat of Public Innovation, invest in training cybersecurity professionals, and bolster protections for the country’s Electronic Document Management ecosystem.
Cyberattacks have been on the rise as digital technology use has surged in the wake of the COVID-19 pandemic. According to the World Economic Forum, they are now one of the top economic threats faced by countries today. At the same time, digital transformation plays a key role in the post-pandemic recovery of economies around the globe, making it essential for countries in the region to shore up their cybersecurity measures.
The Cybersecurity Program for CII strategy seeks to improve Argentina’s ability to detect cyber incidents early, with the goal of minimizing the cost of responding to and recovering from such attacks. It will also work to address the cybersecurity industry’s labor shortage and the stark gender gap in the cybersecurity workforce, which are challenges present in both Latin America and the Caribbean and globally. Indeed, the 2022 Cybersecurity Workforce Study finds that approximately 3.4 million additional cybersecurity professionals are needed worldwide, and research from Microsoft found that women represented only 25% of the global cybersecurity workforce in 2021.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and provides policy advice, technical assistance, and training to public- and private-sector clients throughout the region.
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