Over 200 instances of access offers impacting 17 countries in Latin America were observed from January 2025 to December 2025.

The most targeted country by initial access brokers was Brazil with over 70 victims, followed by Mexico with over 30 and Argentina with over 20.

The most impacted industries by initial access brokers in LATAM in 2025 were national government, agriculture and food and beverage production and education.

The most common method that access brokers leveraged to obtain access to organizations in LATAM in 2025 was the abuse of compromised login credentials.

The most targeted technology by initial access brokers in LATAM in 2025 was corporate remote access portals.

On-chain analysis indicates that spikes in IAB inflows typically precede increases in ransomware payments and victim leaks by roughly 30 days.

Public IAB listings declined 27% shifting high-value deals into private channels.

The most impacted sectors by initial access brokers in LATAM in 2025 in descending order were public; energy, resources and agriculture; and technology, media and telecommu- nications