Bulgaria’s Financial Institutions Under Cyber Threat: Experts Warn of Impending Danger

A recent wave of cyberattacks has left Bulgaria’s financial institutions reeling, with several high-profile websites and platforms targeted by distributed denial-of-service (DDoS) attacks. This latest incident comes on the heels of a string of previous attacks, including a hacking attempt against the Bulgarian Food Safety Agency in August and a ransomware attack on Bulgarian posts earlier this year.

Unprepared to Deal with Cyber Threats

According to experts, Bulgaria’s financial institutions are woefully unprepared to deal with the increasingly sophisticated cyber threats that have become a norm since the start of the pandemic. “We’re not prepared,” said Vihren Slavchev, Executive Director of Mnemonica, an IT security and data storage advisor company. “Right now, the modern, hybrid wars typically begin with cyber offensives.”

Vulnerability to Attacks

Financial institutions are particularly vulnerable to attacks due to their access to sensitive information and lack of trained staff. Bozhidar Bozhanov, Member of Parliament and former Minister of e-Governance, noted that Bulgaria has a significant shortage of cybersecurity experts, with many IT security companies struggling to find qualified personnel.

Common Cyber Attack Methods

Phishing attacks, spear phishing attacks, ransomware, and man-in-the-middle attacks are just a few of the most common methods hackers use to gain access to sensitive information or take control of computer systems. According to the Ministry of e-Governance, 80% of all malicious attempts in Bulgaria are phishing attacks, with about 57% of institutions facing daily or monthly hacker attacks.

Deepfake Technology: A Growing Threat

The experts also warned about the growing threat of deepfake technology, which uses artificial intelligence to create synthetic media that can be used for mass manipulation. Slavchev noted that deepfake is becoming increasingly widespread, with even websites available for purchase where one can buy an entire identity with a passport and social security number.

Conclusion

Experts warned that financial institutions in Bulgaria are at risk of being targeted by sophisticated cyber threats unless they invest more resources into cybersecurity measures. “We have clarity on what measures we need to take,” said Bozhidar Bozhanov, “but we need to make improvements in human resources and organization.” The panelists agreed that good digital literacy is crucial for everyone, from common people to big organizations and state structures, to avoid falling prey to cyber threats.