Hungary’s Finance Industry at Risk: Mastercard Report Reveals Alarming Cybercrime Trends
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A Grim Picture of Cybercrime in Hungary
A recent report by Mastercard has painted a stark picture of the alarming cybercrime trends in Hungary. The study, titled “The Age of Cybercrime,” reveals that more than half of Hungarians are not informed or only somewhat informed about cybercrime risks.
Low Awareness of Cybercrime Risks
According to the report, Hungary lags behind its European counterparts when it comes to cybercrime awareness:
- 23% of respondents claim they are unaware of cybercrime risks
- 36% reported being only somewhat informed
- EU averages stand at 17% and 30%, respectively
High Exposure Rate to Cybercrime
Hungary also ranks fourth in the CEE region in terms of exposure rate to cybercrime. The most common forms of attacks include:
- Malware
- Email social engineering
- Ransomware
The primary targets of these attacks are:
- Customers’ personal and financial information
- Legal documents
- Intellectual property
- Companies’ financial data
- Business systems
- Physical assets
- Employee data
Human Error as the Primary Cause of Cyberattacks
The report’s findings suggest that human error is the primary cause of cyberattacks, with more than 80% of incidents resulting from employee mistakes. This highlights the need for robust cybersecurity education and training programs in Hungary’s financial sector.
A Chilling Example: The eKRÉTA Informatikai Zrt. Cyberattack
Last year, eKRÉTA Informatikai Zrt., a development company behind the popular school management platform KRÉTA, fell victim to a cyberattack. The attackers used phishing tactics to gain access, compromising the personal details of over 720,000 Hungarian students between the ages of 6 and 18.
The Cost of Data Breaches
The average cost per business in data breaches reached €4.12 million ($4.35 million) in 2022. Mastercard’s report serves as a wake-up call for businesses in Hungary to take proactive measures against cybercrime.
Prioritizing Cybersecurity Awareness and Education
With the country’s finance industry being particularly vulnerable, it is imperative that companies prioritize cybersecurity awareness and education to protect themselves from these growing threats. The time to act is now, before it’s too late.