Belgium Suffers Record Levels of Cybercrime Amid Pandemic

Belgium has experienced a significant surge in cyber-attacks since the Covid-19 pandemic, with the country’s healthcare, retail, and public administration sectors being particularly vulnerable.

Rising Threats

According to Mastercard data, Belgium has seen up to three times more cyber-attacks than before the crisis. The pandemic has created an environment where hackers can target businesses for financial gain or to destabilize governments and authorities.

Types of Attacks

In 2021, almost 1,000 Belgian businesses suffered cyber-attacks, with malware, ransomware, and social engineering being the most common forms of attack. The majority of attacks were motivated by a desire to obtain information rather than money, highlighting the value of stolen data for both financial and political gain.

Priority Targets

Belgian government and financial institutions were top targets for cybercriminals in 2021, followed closely by healthcare and retail. While the IT and multimedia sectors were less affected, they still suffered a significant number of attacks.

Mastercard’s Findings

Mastercard’s Riskrecon data analytics tool revealed that Belgian banks scored an average of 8.43 out of 10 for cybersecurity, significantly higher than the global average of 8.13 and the European average of 7.98.

Recommendations from Mastercard

To improve preparedness against cyber threats, Mastercard recommends:

• Identify Vulnerabilities: Use Mastercard’s Riskrecon data analytics platform to identify areas where your business is vulnerable.
• Practice Good Cyber Hygiene: Ensure good cyber hygiene throughout your organization through a triangular analysis of staff, technology, and habits.
• Properly Identify Digital Interactions: Properly identify the people with whom you interact digitally, as over half of data breaches occur through third parties.
• Detect Risks: Use artificial intelligence solutions to detect risks, which can be provided by banks.

Mastercard’s Collaborative Approach

Mastercard has established a collaborative approach to combating cyber risk through partnerships with Europol and the launch of its Cyber Resilience Centre in Waterloo, Belgium. The center aims to provide support to businesses of all sizes and ensure that they can prepare for potential attacks.

Conclusion

Overall, Mastercard’s analysis highlights the importance of prioritizing cybersecurity in Belgium, particularly for businesses operating in the healthcare, retail, and public administration sectors. By taking proactive steps to protect against cyber threats, businesses can reduce their risk of attack and ensure the security of their data.