Bulgaria’s Financial Institutions Face Increasing Cybercrime Threat
Bulgaria, a rapidly growing Eastern European economy, is emerging as a new target for cybercriminals. The financial sector is particularly vulnerable, with an increasing number of cyberattacks reported.
Rising Cybercrime Threats
- In the first half of 2021, Bulgarian banks reported over 1,500 security incidents. (Bulgarian Financial Sector)
- Gozi, a notorious banking trojan, was detected in multiple attacks targeting Bulgarian financial institutions. (Cybersecurity Experts)
- Gozi, known for stealing login credentials, has been linked to over $150 million in financial losses globally. (Cybersecurity Experts)
Evolving Threat Landscape
- Attackers used Spear Phishing emails to distribute the Emotet malware. (Cybersecurity Experts)
- Emotet then installed Gozi on infected systems. (Cybersecurity Experts)
Bulgarian National Bank’s Response
- The Bulgarian National Bank (BNB) urges financial institutions to strengthen their cybersecurity defenses. (BNB)
- The bank encourages financial institutions to adopt the Eurosystem’s Guideline on Cybersecurity Risk Management. (BNB)
Lack of Investment in Cybersecurity
- Financial institutions in Bulgaria have the lowest percentage of compliance with the ECB’s Guideline on Cybersecurity Risk Management. (ECB Report)
- Only 25.9% of Bulgarian banks fully complied, compared to the EU average of 70.2%. (ECB Report)
Consequences of Inaction
- The cost of inaction could far outweigh the cost of preventative measures with the number of cyberattacks on the rise. (Cybersecurity Experts)
Conclusion
- Bulgaria’s financial sector is under increasing threat from cybercriminals.
- The detection of Gozi and other malware in attacks targeting Bulgarian banks underscores the need for financial institutions to strengthen their cybersecurity defenses.
- Financial institutions in Bulgaria must invest in robust cybersecurity solutions to protect assets and mitigate risks.