Belgium’s Financial Institutions Face Increased Cybersecurity Threats Amid Pandemic

A recent analysis by Mastercard has revealed that Belgium suffered up to three times more cyber-attacks than before the COVID-19 crisis, with healthcare, retail, and public administration among the most vulnerable sectors. However, Belgian banks have exceeded the global average for cybersecurity.

The Impact of Cyber-Attacks in Belgium

According to Mastercard’s data, almost 1,000 Belgian businesses suffered cyber-attacks in 2021. The most common forms of attack were:

• Malware (28.8%)
• Ransomware (26.4%)
• Social engineering (19.7%)

The majority of attacks were motivated by a desire to obtain information (69%), rather than financial gain (16.2%). Government agencies and financial institutions were among the top targets for cybercriminals, with both sectors experiencing an average of 50-70 cyber-attacks per quarter.

Belgian Banks’ Cybersecurity Performance

Despite the increased number of attacks, Belgian banks stood out as being more secure than the global average. Their cybersecurity score was 8.43 compared to the European average of 7.98 and the global average of 8.13. “Trust in the security of their data is the basis for the services of banking institutions,” said Henri Dewaerheijd, Country Manager Mastercard Belux. “It’s therefore essential for this sector to be robust against attacks.”

Mastercard’s Response: Collaboration and Support

To combat cybercrime, Mastercard has established a collaborative approach with Europol and launched the Mastercard Cyber Resilience Centre in Waterloo, Belgium. The center aims to provide support to businesses of all sizes and enable better pan-European collaboration between regulators and companies.

Tips for Businesses to Improve Cybersecurity

In response to its analysis, Mastercard has provided four tips for businesses to improve their preparedness against cyber threats:

• Identify vulnerabilities: Use Mastercard’s Riskrecon data analytics platform to identify where your business is vulnerable.
• Maintain good cyber hygiene: Ensure that your organization implements measures such as anti-virus software, regular system updates, and data back-ups.
• Verify digital identities: Properly identify the people with whom you interact digitally to prevent third-party breaches.
• Detect risks using AI solutions: Use artificial intelligence solutions provided by banks to detect potential risks.

Conclusion

While there is room for improvement in Belgium’s cybersecurity defenses, accessible and affordable solutions exist for SMEs and merchants. By following these tips and staying vigilant against cyber threats, businesses can protect themselves from the increasing risk of attack.