Financial Crime World

Cybersecurity Threats to Italian Financial Institutions on the Rise

Italian companies have been consistently targeted by cyber risks since the COVID-19 pandemic, with a significant increase in attacks in recent years. The government launched its first National Cybersecurity Strategy in May 2022 to address these challenges and improve digitalization.

Rising Cyber Incidents

According to official figures, there were 1,094 cyber incidents that had a national impact and were handled by the national CSIRT (Computer Security Incident Response Team) in 2022. Common types of cyber attacks include:

  • General cyber crime: accounted for 84% of all attacks
  • Hacktivism: represented almost 8%

Most Common Types of Attacks

Phishing was the most common type of attack, with a 96% encounter rate among Italian companies. Additionally, management and IT professionals reported an increase in:

  • CEO frauds: affected 40% of businesses
  • Business email compromise cases: also affected 40% of businesses

Growing Concern for Companies

The number of companies reporting cyber attacks increased from 27% in 2022 to 40% in 2023, with the private sector being more severely impacted. The service industry was the most targeted, accounting for 54% of all attacks, while manufacturing accounted for 11%.

Economic Impact

Data breaches also pose a significant threat to Italian companies, with the cost of a breach estimated at €3.86 million in 2020-2023. Cyber security awareness and prevention are crucial in this context. The economic impact of cyber attacks is staggering, with estimates suggesting that they have already cost Italian victims over €66 billion in 2023 alone. By 2025, this figure is projected to surpass €100 billion.

Government Efforts

To address these challenges, the government established the Agenzia per la Cybersicurezza Nazionale (ACN) in June 2021, which aims to prevent attacks and mitigate their effects. The ACN will play a crucial role in improving cybersecurity and digital safety online, particularly for financial institutions that are increasingly vulnerable to cyber threats.

Take Proactive Measures

As the country continues to digitalize, it is essential that institutions take proactive measures to protect themselves against these threats and minimize the risk of costly breaches. By staying vigilant and taking steps to enhance their cybersecurity, Italian financial institutions can reduce the likelihood of being targeted by cyber attackers.