Loan will support the strengthening of the country's capacity to prevent, detect and respond to cyber attacks
The Inter-American Development Bank (IDB) approved an $8 million loan that will support the strengthening of Uruguay's capacity to protect its digital space by improving its systems to prevent, detect and respond to cyber attacks. While the IDB has been supporting the development of country-specific digital agendas in the region, this is the first lending operation to be approved in the institution’s history solely focused on cybersecurity matters.
With this program, Uruguay will improve the operational capabilities of the National Center for Responses to Computer Security Incidents (CERT.uy) through initiatives such as updating the technological tools for the analysis and management of cybersecurity events (acronym in Spanish), the expansion of the NGIPS intrusion detection system, the incorporation of a Big Data platform for the exchange of information with the private sector, and intelligent threat analysis tools.
It will also incorporate CERT.uy laboratory tools, as well as specialized services related to the installation and operation of Security Information Event Management (SIEM), research activities of emerging and innovative technologies, such as artificial intelligence and cryptography to identify threats and optimize answers.
Likewise, the program will support talent identification and acquisition efforts, especially project managers specialized in cybersecurity and technical specialists.
On the other hand, the program will promote the use of advanced technology for human resources training, through a cyber attacks simulation platform with multiple scenarios and an e-Learning platform that will facilitate capacity-building activities, as well as the dissemination of knowledge on cybersecurity policies, methodologies and international standards.
Overall, the program will strengthen the cybersecurity knowledge ecosystem, supporting the development of a cybersecurity curriculum, both at a technical as well as undergraduate and graduate levels. It will promote the training of cybersecurity instructors, and will support the creation of a national network of experts with active international links, which among other activities will promote the incorporation of women into the field of cybersecurity.
The beneficiaries of this program will be the general population, private sector companies and public entities --all of which will benefit from better protected digital spaces--, as well as the five public and private universities in the country that will introduce cybersecurity as part of their academic offering.
In addition, the private sector will benefit from a greater market of cybersecurity professionals. Furthermore, the country's ICT business sector in particular will be able to benefit from having Uruguay stand out as an advanced cybersecurity country with an offer of professionals and services that can meet regional needs. The program is also expected to increase female participation in cybersecurity related actives and careers.
The program will be executed by the Agency of Electronic Government and Information and Knowledge Society (AGESIC acronym in Spanish).
The IDB loan of $8 million has a repayment term of 25 years with five and a half years of grace, an interest rate based on LIBOR and has a local counterpart of $2 million.
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 and provides policy advice, technical assistance and training to public and private sector clients throughout the region.