Belgian Businesses Fall Victim to Cybercrime: Study Reveals Alarming Rates of Attacks

A recent study conducted by the KU Leuven Centre for IT & IP Law and the Institute of Criminology has shed light on the devastating impact of cybercrime on Belgian businesses. The findings are alarming, with a staggering 90% of respondents reporting at least one type of cyberattack every year.

Common Types of Cybercrimes

The study surveyed over 9,000 representatives of Belgian businesses and revealed that credit card fraud, identity theft, and online extortion were among the most common types of cybercrimes perpetrated against them. Visa, Mastercard, and Maestro were the most frequently targeted payment methods.

Impact on Small and Medium-Sized Enterprises (SMEs)

The research found that SMEs were disproportionately affected by cybercrime, with 95% of respondents in this category reporting at least one incident every year. This is due to the lack of resources and expertise among SMEs, making them particularly vulnerable to cyberattacks.

Call for Action

The authors of the study are calling for increased awareness and action from both businesses and policymakers to address the growing threat of cybercrime in Belgium. The financial losses resulting from these attacks are staggering, and it is crucial that we work together to identify and implement effective preventive measures to protect our businesses and economy.

Implications for the Belgian Government

The study’s findings have significant implications for the Belgian government, which has been criticized for its slow response to the growing threat of cybercrime. The authors are urging immediate action from Belgian financial institutions to address this issue, as it is not just a matter of protecting their own interests but also ensuring the security and stability of our entire financial system.

Key Takeaways

• 90% of respondents reported at least one type of cyberattack every year
• Credit card fraud, identity theft, and online extortion are among the most common types of cybercrimes
• SMEs were disproportionately affected by cybercrime, with 95% reporting at least one incident every year
• The lack of resources and expertise among SMEs makes them particularly vulnerable to cyberattacks
• Increased awareness and action from both businesses and policymakers are needed to address the growing threat of cybercrime in Belgium.