Financial Crime World

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Cybersecurity Threats on the Rise in Croatia’s Finance Sector

A Growing Concern

The Croatian government has issued a warning about an alarming surge in cyber attacks targeting state bodies. In just six months this year, 15 incidents were recorded, with Russia being the primary source of many attacks.

Advanced Persistent Threats (APTs) on the Rise

According to Security Intelligence Agency Director Daniel Markić, the number of APT campaigns has increased significantly:

  • 14 detected in 2021
  • 19 in 2022
  • Already 15 this year

The agency’s SK@UT system, which protects over 60 state bodies and legal entities, is seen as a key defense against these attacks.

Targets and Tactics

The majority of the attacks target ministries such as defense and foreign affairs, with attackers seeking to compromise sensitive information. Markić warned that:

  • The number of targets in Croatia is increasing
  • The number of attackers and attacks is also on the rise

International Cooperation and Support

The agency’s efforts to combat cyber threats have been aided by international cooperation, including a pilot project with the European Commission for managing cyber crises and major incidents. This project has secured funding of €1.5 million for building resilience within the SK@UT community.

Government Support and Plans

Prime Minister Andrej Plenković expressed his full support for the agency’s plans to develop its capabilities and protect cyberspace, stating that:

  • The government is committed to responding effectively to the growing threats in the digital sphere
  • Cyberspace is not only a battleground but also a space for business and daily life, making it crucial for the state to take an active role in protecting against threats

The agency’s plans include the transformation of its Cyber Security Center into the National Center for Cyber Security, which requires the adoption of a law on cyber security. The drafting of this law is reportedly nearing completion.

Conclusion

Cybersecurity threats are a growing concern in Croatia’s finance sector, and it is crucial that the government and relevant agencies take proactive measures to protect against these threats. International cooperation and support can play a vital role in combating these threats, and the agency’s plans for developing its capabilities and protecting cyberspace are commendable.