Cybersecurity Threats to Italian Financial Institutions: A Growing Concern

Exponential Rise in Cyber-Attacks a Major Concern for Italian Financial Institutions

Rome - The exponential rise in cyber-attacks has become a major concern for financial institutions in Italy, as well as across the globe. In recent years, European and Italian lawmakers have taken significant steps to strengthen cybersecurity regulations, recognizing the severity of the threats posed by hackers.

Top Cybersecurity Threats in 2021

According to the ENISA Threat Landscape 2021 Report, ransomware attacks took the lead in 2021, with hackers encrypting data and demanding payment in cryptocurrency to restore access. Phishing emails, particularly Business Email Compromise (BEC), also remain a significant threat, as attackers impersonate executives or suppliers to trick employees into making fraudulent payments.

Decrease in Malware Attacks

Malware attacks have decreased compared to 2020. However, security incidents caused by intentional external actions are still a concern for providers of public communications networks and electronic communication services.

Italian Financial Institutions Most Vulnerable

Italian financial institutions are particularly vulnerable to cyber-attacks, as they often operate in high-stakes environments where even minor disruptions can have significant consequences. The most affected sectors include:

Public administration
Digital services
Pharmaceutical and medical sector

Hackers: A Major Threat to Cybersecurity

Hackers, whether individual or organized groups, represent a major threat to cybersecurity, often acting in their own or third-party interests to obtain profits or other illegal advantages.

Role of State Authorities

State authorities, such as the Italian Data Protection Authority and the National Cybersecurity Agency, play a crucial role in preventing and responding to cyber-attacks, while also providing support and resources for affected organizations.

Government Agencies Involved

The Prime Minister’s Office, Ministry of Economic Development, and other government agencies are also involved in handling security incidents, with various bodies working together to prevent and mitigate attacks.

The next installment of this series will focus on the General Data Protection Regulation (GDPR) and its provisions on personal data breaches.