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Cybercrime on the Rise in Austrian Finance Sector

Austria’s IT sector is expected to reach a revenue of $6.7 billion by 2023, with cybersecurity being one of the fastest-growing subsectors. Unfortunately, the country has seen a significant increase in cyber breaches, with reported cases reaching a record high of 60,195 in 2022, representing a 30.4% rise compared to 2021.

Vulnerability of Austrian Businesses

Despite this growth, many Austrian businesses, particularly small and medium-sized enterprises (SMEs), are still vulnerable to cyber attacks. According to a recent survey:

  • 12% of firms reported being attacked daily over the past year
  • Only 20% of companies with over 50 employees have established a cybersecurity emergency plan

Government Initiatives

The government has taken steps to address this issue, including:

  • Establishment of a Joint Cybersecurity Center
  • Plans to double the number of local IT investigators
  • Increase in spending on cybersecurity initiatives by the Federal Criminal Police Office

Financial Sector Vulnerability

The financial sector is particularly vulnerable to cybercrime, with companies increasingly reliant on digital infrastructure and remote work arrangements. CEOs and IT professionals recognize the need for enhanced security measures, including:

  • Endpoint hardware and software security
  • Data leakage prevention
  • End-user awareness training

Awareness Initiatives

The Austrian government has launched initiatives to raise awareness of cybersecurity, including:

  • Austria Cyber Security Challenge
  • Austrian Trust Circle

These efforts aim to educate businesses and individuals on the importance of cybersecurity and provide resources for mitigating cyber threats.

Opportunities for US Companies

For US companies looking to enter the Austrian market, there are several opportunities available. The country’s cybersecurity market is expected to reach $745 million by 2028, with leading subsegments including:

  • Managed services
  • Integration
  • Consulting
  • Education
  • Training

To successfully enter the market, it is recommended that US companies consider:

  • Partnering with established resellers or value-added distributors
  • Securing international certifications such as ISO 27.000 series
  • Implementing SCO audit reports to build trust among potential buyers

Resources and Associations

For more information and resources on cybersecurity in Austria, check out the following links:

Resources:

  • ASIS Europe - From Risk to Resilience, Vienna, Austria, March 20-22, 2024
  • InfoSecurity Europe, London, UK, June 4-6, 2024
  • Cyber Crime Forum Wien, Vienna, Austria, June 18, 2024
  • IKT-Sicherheitskonferenz, Vienna, Austria, September 17-18, 2024
  • IT Security Herbst, Vienna, Austria, October 10, 2024
  • itsa: Nuremberg, Germany, October 22-24, 2024

Associations and Research Institutes:

  • Austrian Security Board (KSÖ)
  • Austria Trust Circle (ATC)
  • KIRAS Security Research
  • Austrian Institute of Technology (AIT)
  • SBA Research
  • Association of Austrian Software Industry (VÖSI)
  • Cyber Security Austria (CSA) Association

Government Links:

  • Federal Chancellery - Cyber Security Platform (CSP) & Cyber Security Steering Group (CSS)
  • Ministry of Interior - Federal Criminal Police Office (BK) & Cyber Crime Competence Center (C4)
  • Online Security Portal
  • CERT Overview