TORONTO: GlobeX Data Ltd., the leader in Swiss hosted cyber security and Internet privacy solutions for secure data management and secure communications, has signed an exclusive Master Distribution Agreement with Tasloko S.L., the holding company of Spanish based IT, cybersecurity and cloud solutions distributor Micronet, S.A. and all its affiliated companies.

Micronet, incorporated in 1984 and based in Madrid, Spain, distributes and sells cybersecurity, cloud and IT solutions through more than 3000 resellers spread across Spain, Mexico, Colombia, Panama, Peru, Guatemala, Chile, Ecuador, Bolivia, Argentina and Paraguay, covering a population of over 385 million people. Micronet’s main corporate offices are in Mexico, Guatemala, Panama, Colombia, Peru, with sales offices in Chile and Ecuador, and distribution agreements in Bolivia, Argentina and Paraguay.

GlobeX Data and Micronet have signed an exclusive Master Distribution Agreement to sell all of the Company’s cybersecurity, data recovery and secure communications services – DigitalSafe, PrivaTalk, PrivaTalk Messenger, Custodia and any solutions the Company may come up with in the future. The exclusivity does not include telecommunications operators, hardware distributors or Microsoft Office365 distributors.

The company expects to on-board 30 of Micronet’s top resellers in the next 12 months with more coming onboard the following years, to reach the top 10% at 300 resellers over time. Each reseller has an average of 50 corporate accounts with a minimum average of 100 users per corporate account. Micronet estimates that the Company could get 15 to 20% of the corporate accounts interested in GlobeX’s solutions. Once GlobeX onboards 30 resellers, it estimates to have approximately 22,500 to 30,000 users for a gross annual revenue range of USD 1,900,000 to USD 2,520,000 depending on the adoption rate of 15% to 20% of corporate users.

Alain Ghiai, CEO of GlobeX Data said: “We are very pleased to have concluded this distribution agreement with the largest cybersecurity distributor in Central and Latin America and Spain. Micronet has over 3000 resellers and we plan to work with the top 300 over time, starting with 30 right now. Micronet understands cybersecurity and this is what makes them unique as compared to any other resellers we have dealt with so far in the region. Their team is reactive and extremely professional and we look forward to train their resellers and get sales started in the next 90 days. The agreement permits us to operate through the Central and Latin America region in 10 countries and gives us a foothold in Europe as well through Spain. Central and Latin America are big targets of cyber-attacks and we look forward to offer business users in those regions the best cybersecurity and secure communications solutions to protect themselves from cyber-attacks.”

According to an article published on MarketWatch on April 22 2020, the Latin America Cyber Security Market was valued at USD 12.88 billion in 2019 and is expected to reach USD 26.20 billion by 2025, at a CAGR of 13.87% over the forecast period 2020 – 2025. The adoption of cybersecurity solutions is expected to grow with the increasing penetration of the internet among the Latin American countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across Latin America. In Latin America, Brazil is the most targeted country for cyber-attacks. it registered over 28% of the phishing attacks occurred in the region and the country is followed by Guatemala with 20.34%.

According to an article posted on insightcrime.org on April 20, 2020, in Mexico, tech experts warned in an interview with El Financiero that as the workforce transitions to home offices, retail  and financial sectors will be among the most targeted. Latin America has very high internet penetration but seems largely unprepared to counteract cybercrime. This means that, as governments impose stricter quarantine measures to fight back the coronavirus pandemic, individuals, corporations and critical infrastructure are vulnerable to attack.

Charity Wright, an analyst with global cyber threats firm IntSights Cyber Intelligence, said that countries with the largest economies — Brazil, Mexico, Colombia and Argentina — are the most likely to be targeted by hackers.

According to cybersecurity-insiders.com, Colombia is on the list of top 5 countries most hit by cyber espionage and Mexico is on the list of the top 6 hit by malware infection. According to Insighcrime.org, online scams, ransomware attacks and phishing email schemes have proliferated in Latin America amid the coronavirus pandemic, exposing the dangers hackers pose to people, banks and governments. Latin America is largely unprepared for this new wave of cybercrime.

GlobeX Data Ltd. is a Cybersecurity and Internet privacy provider of Swiss hosted solutions for secure data management and secure communications.