Cybercrime in Financial Industry in Cyprus: Authorities Step Up Efforts to Enhance Security

Strengthening Cybersecurity Measures in Cyprus

The government of Cyprus is taking bold steps to protect its essential services and safeguard investors and businesses from cyber threats. The Digital Security Authority (DSA) and the Computer Security Incident Response Team (CSIRT) are working together to implement EU directives and prevent attacks on critical infrastructure.

Unprotected Government Services Pose National Security Threat

According to Deputy Minister for Research, Innovation, and Digital Policy Kyriakos Kokkinos, government services are largely unprotected against cyberattacks. This poses a significant threat to national security, particularly as Cyprus opens up to the outside world. “The issue worries me very much,” he warned.

DSA and CSIRT: Implementing EU Directives

Established in 2017, the DSA and CSIRT are responsible for drafting protocols and guidelines for critical services, as well as responding to cyber threats faced by these services. The two bodies aim to implement the EU’s Directive on Security of Network and Information Systems (NIS).

Building a Culture of Cybersecurity Awareness

Commissioner of Communications George Michaelides emphasized the importance of building a culture of security across sectors. “We need to create a culture of cybersecurity awareness within the private sector,” he said, highlighting that many companies have dealings with the state.

Threats to Vital Services Could Halt Economy

Michaelides warned that any threat to vital services could bring the economy to a halt. He emphasized the need for businesses in critical sectors to take appropriate security measures and notify serious incidents to the relevant national authority.

Focus on Essential State Infrastructure and Private Sector Guidelines

The DSA is currently focusing on essential state infrastructure, but guidelines are being issued for the private sector. Michaelides revealed that the plan includes a training center where children can visit with their parents or teachers to get hands-on experience on how to deal with cyber threats.

Importance of Dedicated IT Teams and Cybersecurity Ecosystems

Michaelides emphasized the importance of having an IT team dedicated to cybersecurity, citing the example of Iran’s nuclear program being hit by an Advanced Persistent Threat (APT) through a malicious computer worm dubbed Stuxnet. He believes that building a cybersecurity ecosystem for the shipping industry is crucial.

Public Awareness Campaigns and Cybersecurity Best Practices

The authorities are urging individuals to be aware of cyber threats and take necessary precautions to protect themselves from phishing emails, SMS messages, and open Wi-Fi networks that could compromise their personal information. Michaelides plans to launch public awareness campaigns, which were put on hold due to the coronavirus outbreak.

Conclusion

Cyprus is taking proactive measures to enhance cybersecurity in the financial industry. By strengthening its defenses against cyber threats, the government aims to protect investors, businesses, and essential services from harm.