Cybercrime Threatens Financial Institutions in Poland
Alarming Rise in Cybercrime Cases
Warsaw, Poland - According to recent statistics, cybercrime has reached alarming levels in Poland, with a significant increase in cases reported over the past four years. In 2020 alone, there were almost 55,000 recorded crimes against cybersecurity, a staggering rise of over half compared to previous years.
The Perfect Storm for Cybercriminals
The pandemic and the shift to remote working have created an ideal breeding ground for cybercriminals, who are taking advantage of institutions’ lack of preparedness in IT security and employees’ limited knowledge on how to mitigate risks. As a result, phishing has become the most common type of cybercrime, accounting for almost 40% of cases handled by law firms.
Vulnerabilities Exploited
Polish citizens or entities often play a crucial role as intermediaries or tools in the hands of international criminals, who exploit the country’s relatively lenient regulations on company incorporation and bank account opening. A company can be established online within three working days with only a Polish PESEL number required, which can easily be obtained by foreign individuals.
Challenges in Detection and Investigation
The detection rate for these crimes is dismally low, with banks often slow to react to suspicious transactions and law enforcement authorities struggling to conduct effective investigations. Even when cooperation within the European Union is possible, obtaining information from countries outside the EU proves challenging.
Proposed Solutions
In an effort to address these weaknesses, Polish legislators have proposed creating a Central Office for Combating Cybercrime and a Cyber Security Fund within the police structure. However, it remains to be seen whether this new initiative will lead to tangible changes in practice.
Key Statistics
- Almost 55,000 recorded crimes against cybersecurity in 2020, a rise of over half compared to previous years.
- Phishing accounted for almost 40% of cases handled by law firms.
- Over 7,400 domains on the scam warning list of CERT Poland at the end of 2020.
- Companies can be established online within three working days with only a Polish PESEL number required.
Author
Joanna Bogdańska, Partner at KW Kruk and Partners Law Firm LP.