Financial Crime World

Cybercrime on the Rise: Belgian Businesses Struggle with Victimization

Introduction

Cybersecurity has become a top priority for governments and businesses worldwide, with billions spent annually to protect against the growing threat of cybercrime. Despite these efforts, little is known about the impact of cybercrime on Belgian businesses.

The Study

A new study aims to fill this gap by assessing the prevalence of cybercrime victimization among Belgian businesses over the past 12 months, as well as their perceived risk of victimization in the upcoming year. The research also explores the impact and expected impact of various types of cybercrime on these businesses.

Findings

  • A significant proportion of Belgian businesses have been victims of cybercrime in the past year.
  • Many respondents experienced multiple incidents of cybercrime over the past 12 months.
  • Nearly 70% of respondents believe they will be targeted again by cybercriminals in the next 12 months.
  • The research identified five types of cybercrime: illegal access to IT systems, corporate espionage, data/system interference, cyber extortion, and internet fraud.
  • These types of cybercrime can have a devastating impact on businesses, compromising their communication, reputation, activities, and functional integrity.

Non-Material Harms

One of the key findings is that the costs associated with cybercrime are not limited to financial losses. Non-material harms, such as damage to reputation and loss of trust among customers, were also significant concerns for respondents.

Recommendations

  • Prioritize cybersecurity and take proactive measures to prevent cyber attacks.
  • Develop effective strategies to mitigate the effects of cybercrime.
  • Increase collaboration between industry players to combat the growing threat of cybercrime.
  • Support government efforts to address the issue of cybercrime.

Key Statistics

  • 70% of respondents believe they will be targeted by cybercriminals again in the next 12 months.
  • The majority of businesses (60%) experienced multiple incidents of cybercrime over the past year.
  • Non-material harms, such as damage to reputation and loss of trust among customers, were significant concerns for respondents.
  • The costs associated with cybercrime are not limited to financial losses; non-material harms also have a significant impact on businesses.

Conclusion

The study’s findings highlight the need for businesses to prioritize cybersecurity and take proactive measures to prevent cyber attacks. It also underscores the importance of government support and collaboration between industry players to combat the growing threat of cybercrime. By better understanding the impact of cybercrime on Belgian businesses, we can develop effective strategies to mitigate its effects and protect against this growing threat.