Cybercrime Epidemic Hits Slovakia’s Finance Industry: Experts Warn of Devastating Consequences
Slovakia is facing a severe threat of cybercrime, with experts warning of potentially devastating consequences for the finance industry. According to a recent report by Fortinet, 78% of operational technology (OT) companies in Slovakia have fallen victim to at least three attacks in the past year alone.
The Impact of Cyber Attacks
These attacks have caused significant damage to:
- Productivity
- Revenue
- Brand trust
- Intellectual property
- Physical security
The industrial sector is particularly vulnerable, with experts warning that a successful attack could have catastrophic consequences. “Cyber threats on industrial systems can lead to business interruption, production losses, and supply chain disruptions,” said a cybersecurity analyst.
The Root of the Problem
The lack of financial resources is exacerbating the problem, with many government institutions struggling to properly secure their systems due to:
- Outdated ICT equipment
- Lengthy public tendering processes
This has led to a significant number of cyber incidents in the healthcare sector, with ransomware attacks causing financial losses to hospitals that paid up to half a billion euros in ransoms.
Urgent Need for Action
Experts are urging businesses and government entities to implement robust security measures and procedures to minimize disruptions and losses. However, many small and medium-sized enterprises (SMEs) are failing to take cyber security seriously, with almost a third of SMEs managing their own cybersecurity issues despite lacking the necessary expertise.
International Collaboration
The U.S. cybersecurity industry is being called upon to contribute to Slovakia’s cybersecurity landscape through:
- Consultancy services
- Managed security services
- Security software and solutions
- Training and education
- Incident response and forensics
- Local partnerships
U.S. companies looking to break into the Slovakian market can tap into the country’s growing demand for cyber security solutions.
Support for U.S. Companies
The U.S. Commercial Service Bratislava is offering guidance and support to ensure a smooth market entry. Contact Lenka Janovska at lenka.janovska@trade.gov for more information.
As Slovakia struggles to contain the cybercrime epidemic, it remains to be seen whether the country can overcome its vulnerabilities and prevent devastating consequences from unfolding.