Cybercrime on the Rise in Malta’s Financial Industry as Digital Shift Accelerates
Malta, a hub for financial services, is facing an alarming surge in cybercrime as businesses and individuals increasingly rely on digital platforms to conduct transactions and store sensitive data. The recent shift to remote working has created a fertile ground for cybercriminals to exploit, warned experts during a recent webinar organized by Bank of Valletta and The Malta Chamber.
The Rapid Pace of Digital Transformation
The rapid pace of digital transformation has brought both opportunities and challenges, with businesses struggling to keep pace with the evolving threat landscape. “COVID-19 shifted businesses from the office onto the web,” said Marisa Xuereb, Deputy President of The Malta Chamber. “As a result, businesses and even customers are more exposed to cybercriminals, as the network of cybercrime continues to grow.”
Cybersecurity: A Critical Business Issue
Joseph Agius, Chief Technology Officer at Bank of Valletta, emphasized that cybersecurity is no longer just a technological accessory but a critical business issue. “The consequences of suffering a cyberattack are massive, resulting in data loss, system outage and reputational damage,” he warned.
Sophisticated Attacks
Agius highlighted the sophistication of today’s attackers, who use malware, identity theft, and other tactics to breach security systems. He urged businesses to measure the efficiency of their existing security controls, manage organisational risk, and invest in adaptive and flexible IT infrastructure.
Mitigating Risk
The Malta Chamber and Bank of Valletta warned that while complete safety cannot be guaranteed, mitigating risk is possible through a combination of measures, including:
- Setting up a security team
- Deploying multiple layers of security
- Educating employees to be cyber-smart
Best Practices for Cybersecurity
Businesses are advised to have a contingency plan in place, which includes:
- Seeking consultancy
- Constantly monitoring systems
- Staying informed about the latest cybersecurity threats
The Future of Cybercrime in Malta’s Financial Industry
The webinar emphasized that the growth of digitalization and remote working will continue to increase exposure to cybercrime. As Malta’s financial industry continues to evolve, businesses must remain vigilant and proactive in their approach to cybersecurity to avoid falling victim to these sophisticated attacks.
View the Webinar Online
For those who missed the webinar, it can be viewed online. Don’t miss this opportunity to stay informed about the latest cybersecurity threats and best practices for mitigating risk.