Croatia’s Finance Industry Plagued by Rising Cybercrime

A Growing Concern in Croatia’s Financial Sector

A growing concern has emerged in Croatia’s financial sector as cybercrime continues to rise, mirroring global trends. Despite not being a major hub for cybercriminal activities, recent data suggests that online fraud, child pornography, and unauthorized access are becoming increasingly prevalent.

Online Fraud on the Rise

According to the 2023 report from the Croatian Ministry of the Interior, online fraud remains the most common form of cybercrime, with:

• 1,571 reported incidents in 2023
• A 10.2% year-on-year increase

Child Pornography and Unauthorized Access on the Rise as Well

• Child pornography reports numbered 342, with a notable success rate of 96.5% in solving these cases.
• Unauthorized access saw a significant jump of 54.8% compared to the previous year, signaling growing vulnerabilities in network security.

The Economic Impact of Cybercrime

The profits generated from these cybercrimes are difficult to quantify, but the cybersecurity market in Croatia is projected to reach approximately US$94.11 million by 2024. Moreover, cybercrime led to direct financial damages of €10.5 million in 2023, underscoring its economic impact.

Factors Contributing to the Rise of Cybercrime

Several factors contribute to the rising trend of cybercrime in Croatia, including:

• Economic development
• Technological proliferation
• A legislative framework that needs strengthening

The Need for Collaboration and Strengthened Laws

As Croatia continues to develop economically and technologically, it is essential for both governmental bodies and private entities to work together to safeguard against the evolving threat of cybercrime. Strengthening laws and enhancing enforcement capabilities are vital steps in curbing the growth of cybercrime and protecting the country’s financial sector from these criminal activities.