Malta’s Financial Institutions Urged to Boost Cybersecurity Measures
As digital transformation continues to accelerate in Malta, financial institutions are being warned to bolster their cybersecurity defenses against a surge in cybercrime.
The Changing Landscape of Cybersecurity
The COVID-19 pandemic has accelerated the shift to online commerce, making businesses and customers more exposed to cybercriminals. According to Marisa Xuereb, Deputy President of The Malta Chamber, “COVID-19 shifted businesses from the office onto the web, making them more vulnerable to cyber attacks.”
Cybersecurity is a Business Issue
Joseph Agius, Chief Technology Officer at Bank of Valletta, emphasized that cybersecurity is no longer just a technological accessory, but a business issue. He warned that the consequences of suffering a cyberattack can be massive, resulting in data loss, system outage, and reputational damage.
The Sophistication of Modern Cyber Attacks
Agius described today’s attackers as highly sophisticated, using malware and identity theft among other tactics to carry out hacks. He stressed that businesses should measure the efficiency of their existing security controls, manage organizational risk, and invest in adaptive and flexible IT infrastructure.
Mitigating Risk is Possible
As digitalization continues to grow and remote working becomes more prevalent, the exposure to cybercrime will increase. While complete safety cannot be guaranteed, mitigating risk is possible. Businesses can combat cybercrime by:
- Seeking consultancy
- Setting up a security team
- Deploying multiple layers of security
- Constantly educating employees on cybersecurity best practices
Recording of the Webinar Available Online
A recording of the webinar is available online, providing valuable insights and guidance for businesses looking to strengthen their cybersecurity defenses. With the increasing threat of cybercrime, financial institutions in Malta must prioritize cybersecurity measures to protect their customers’ sensitive information and maintain trust in the financial sector.
Conclusion
In today’s digital age, cybersecurity is no longer an afterthought, but a critical component of business strategy. Financial institutions in Malta must take proactive steps to boost their cybersecurity defenses and stay ahead of the increasing threat of cybercrime.