Cybercrime Soars in Spain as Financial Institutions Fail to Keep Pace with Digitalization

Spain has become a hotbed for cybercrime, with financial institutions struggling to keep up with the rapid pace of digitalization.

Alarming Surge in Cyber-Attacks

According to a recent report by the Computer Emergency Response Team of the Spanish Cryptologic Centre (CCN-CERT), the increase in teleworking, remote training, and social media use has led to an alarming surge in cyber-attacks. Ransomware attacks have been particularly prevalent, with criminals exploiting vulnerabilities in companies’ remote access systems.

Vulnerabilities Exploited

The report warns that these incidents are likely to continue growing as Spain transitions to 5G technology and more devices become connected to the Internet of Things (IoT).

Spain Most Vulnerable to Remote Desktop Attacks

Spain has emerged as the country most vulnerable to remote desktop attacks, according to a cybersecurity report by antivirus protection specialist ESET. The report found that over 51 billion attacks occurred in just four months of last year, with Italy coming in second.

Passwords a Major Concern

Experts point to the widespread use of insecure and highly vulnerable passwords as a major contributor to Spain’s cyber-vulnerability. Furthermore, many companies have failed to invest adequately in cybersecurity measures, leaving them exposed to attacks.

Continuous Investment Needed

The European Union’s Next Generation funds for digitalization and cybersecurity planning have been seen as a step in the right direction, but experts stress that continuous investment is necessary to stay ahead of cybercriminals.

Emotet Botnet Resurgence

The resurgence of the Emotet botnet last November serves as a stark reminder of the importance of keeping software up to date. The botnet, which was previously neutralized, has become active again and has exploited vulnerabilities in many companies’ systems.

IoT Devices a Major Target

IoT devices have also emerged as a major target for cybercriminals, with experts warning that these devices can be used to cause physical damage or data breaches. The Spanish Institute of Cybersecurity (INCIBE) urges consumers to understand the importance of their security and take steps to protect themselves.

SMEs Disproportionately Vulnerable

Small and medium-ized enterprises (SMEs) have been identified as a strategic sector in Spain’s cybersecurity landscape, but they are also disproportionately vulnerable to cyber-attacks. According to data from Telefónica Cyber Security Tech, 60% of SMEs that suffer a cyber-attack go out of business within six months.

Investing in Cybersecurity Measures

Experts stress that investing in cybersecurity measures is crucial for SMEs, and recommend hiring industry-standard providers to prevent, detect, and respond to threats. However, even the most robust security measures will fail if companies do not adopt healthy routines for their equipment, such as frequent operating system updates and staff training.

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