Conti Ransomware (Costa Rica, 2022)
The Conti ransomware group, active since late 2019, quickly became one of the most aggressive forces in the world of cybercrime. Known for “big game hunting” and its double-extortion model: stealing data before encrypting systems, Conti targeted major institutions in healthcare, education, and infrastructure. Its most notorious campaign struck Costa Rica in 2022, paralyzing the Ministry of Finance, halting imports and exports, and costing tens of millions daily. President Rodrigo Chaves declared a national emergency, the first time any government had done so in response to a cyberattack. A second wave, linked to HIVE ransomware, crippled the healthcare system, delaying over 34,000 appointments and forcing hospitals back to pen and paper. The campaign stunned the cybersecurity community, not only for its impact but for Conti’s rhetoric: the group openly called for the overthrow of Costa Rica’s government, an unprecedented escalation for a ransomware gang. Analysts later concluded the attacks doubled as a show of force during Conti’s internal collapse and rebranding. Though the brand dissolved, its ransomware-as-a-service (RaaS) model endures, reshaping the ransomware landscape and leaving Latin America more vulnerable to disruptive attacks.Brazilian Banking Trojan (Grandoreiro)
Grandoreiro, a Brazilian-origin banking trojan first observed in 2016, has become one of the region’s most persistent financial threats. Operating as a malware-for-hire service, it has survived multiple law enforcement crackdowns, including the 2021 arrest of 16 operators in Spain.By early 2024, it was impersonating government agencies in Argentina, Mexico, and South Africa, while targeting more than 1,500 financial applications across 60 countries. Within months it expanded to 1,700 banks, hundreds of crypto wallets, and even Asian markets. Recent campaigns again target Argentina, Mexico, and Spain, with phishing emails disguised as tax penalty warnings. Behind PDF attachments lie obfuscated scripts and Delphi payloads that steal credentials, search for wallets, and phone home to rotating servers. Despite changes in infrastructure, Grandoreiro’s mission remains constant: large-scale theft at speed.
Recommendations
Defense teams and measures must match the resourcefulness and adaptability of cyber criminals in this region. Organizations should enforce multifactor authentication, segment networks, and filter traffic to block malicious communications. Spam filters and phishing controls must be tuned to government-themed lures, with staff regularly tested through tailored simulations. Endpoint tools should be monitored for script-based and Delphi-based loaders. Proactive threat hunting is strongly recommended: scanning logs for unusual ZIP/JS downloads or tax-themed phishing will help detect campaigns like Grandoreiro early.Above all, resilience depends on embedding intelligence into every layer, from technical monitoring to executive awareness.
Conclusion
These cases show Latin America as a proving ground where cybercrime evolves at global scale: ransomware can destabilize governments while banking trojans expand into worldwide financial networks. Resilience in this environment requires more than reactive defense. It calls for multilingual monitoring, modernized security frameworks, and intelligence-driven prevention. Most importantly, leaders must recognize that the region is not peripheral but central to cybercriminal innovation and prepare to manage and protect their organizations accordingly. Sourceshxxps://www[.]threatintelligence[.]com/blog/conti-ransomware-gang hxxps://www[.]baguete[.]com[.]br/noticias/costa-rica-declara-emergencia-apos-ataque hxxps://www[.]wired[.]com/story/costa-rica-ransomware-conti/ hxxps://www[.]welivesecurity[.]com/br/2021/07/16/espanha-prende-16-criminosos-envolvidos-em-golpes-trojans-bancarios-mekotio-e-grandoreiro/ hxxps://www[.]securityweek[.]com/fresh-grandoreiro-banking-trojan-campaigns-target-latin-america-europe/ hxxps://protecdatalatam[.]com/blog/cual-es-el-eslabon-mas-debil-de-la-ciberseguridad-de-una-empresa-en-america-latina/ hxxps://www[.]segurilatam[.]com/ciberilatam/ciberseguridad-ciberilatam/panoramica-de-la- ciberseguridad-en-latinoamerica-una-coyuntura-singular_20240612[.]html
