Financial Crime World

Cybercrime on the Rise in Croatia’s Finance Industry: Experts Warn of Growing Threats

As cyber-attacks on state bodies continue to rise, experts warn of a growing threat to Croatia’s finance industry. According to Security Intelligence Agency Director Daniel Markić, 15 state-sponsored cyber-attacks were recorded in the first six months of this year alone.

Targeted Attacks

The largest number of attacks targeted ministries of defense and foreign affairs, with many believed to have originated from Russia or groups linked to the country. The agency detected:

  • 14 such attacks in 2021
  • 19 in 2022
  • 15 so far this year

Combating Threats

To combat these threats, the Security Intelligence Agency has developed SK@UT, a comprehensive cybersecurity system that covers over 60 state bodies and legal entities. The system was built with the help of the Institute for Information Systems Security and is designed to protect against:

  • State-sponsored attacks
  • Ransomware blackmails

Growing Threat Landscape

Despite efforts to detect and respond to these attacks, Markić warned that the number of attackers and targets in Croatia is increasing. “They are particularly interested in NATO and EU members, information from various ministries, such as the Ministry of Foreign and European Affairs, the Ministry of Defense and others,” he said.

International Cooperation

The agency has been working closely with international organizations, including:

  • The EU Agency for Cyber Security (ENISA)
  • To develop a national cybersecurity center
  • A project 100% financed by the EU, aiming to build the resilience of the SK@UT community and secured a grant of €1.5 million.

Government Response

In response to growing threats in cyberspace, Prime Minister Andrej Plenković emphasized the need for effective protection. “Cyberspace is not only a space for warfare, but also for business and the daily functioning of digital society,” he said. “The role of the state, its security institutions that protect and ensure resistance to threats” is irreplaceable in this space.

Drafting a Law on Cybersecurity

The drafting of a law on cybersecurity is currently underway, with Markić announcing plans to transform the Cyber Security Center into the National Center for Cyber Security. The agency has received full support from the government for its development of capabilities and protection of cyberspace.