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Kazakhstan’s Finance Sector Under Cybersecurity Threat

Almaty, Kazakhstan - As Kazakhstan’s economy continues to grow, so does its vulnerability to cyber attacks.

A Growing Concern

According to a recent report by Mastercard, the country’s financial services and government sectors are increasingly becoming targets of cyber events. The data shows that nearly a third of all cyber attacks in Kazakhstan target these two sectors:

• 27% of events target intellectual property or business systems
• 44% of attacks were attributed to politically-motivated attackers
• 72% were performed through malware/ransomware or DDoS attacks

This trend is not limited to Kazakhstan alone. The report also highlights the growing threat landscape in Central Asia, where:

• 44% of events target intellectual property or business systems
• 35% are performed through malware/ransomware or DDoS attacks

Combatting the Threat

To combat this rising threat, Mastercard recommends several essential practices to enhance cybersecurity posture:

• Building a third-party risk management program
• Establishing a program for managing and monitoring critical third parties
• Collecting and analyzing information to build cyber intelligence
• Implementing patching and vulnerability management programs

The report also emphasizes the importance of:

• Establishing a non-negotiable cybersecurity culture
• Strengthening awareness and training programs
• Investing in user training
• Implementing controls for monitoring users’ behavior, network content scanning and filtering, secure browsing, and powerful awareness and training programs to protect against malware attacks

Government Efforts

In light of these findings, Kazakhstan’s government has taken steps to address the growing cybersecurity threat. In 2017, the country approved a Cybersecurity Concept, which aimed to develop a comprehensive strategy for protecting its digital infrastructure. Since then, several laws have been enacted to regulate data protection and cybersecurity in the country.

Ongoing Efforts

Despite these efforts, more needs to be done to stay ahead of the threats. As Mastercard’s report highlights, building a robust cybersecurity culture requires ongoing investment in awareness, training, and technology. By staying informed and taking proactive measures, Kazakhstan’s finance sector can better protect itself against cyber attacks and ensure continued growth and stability.

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