Financial Crime World

Belgian Businesses Face Record Levels of Cybercrime Amid Pandemic

The COVID-19 pandemic has brought about unprecedented challenges for businesses worldwide. In Belgium, a staggering surge in cyberattacks has left many organizations reeling. According to Mastercard’s analysis, the country has seen up to three times more incidents reported than before the crisis.

Healthcare Sector Hit Hard by Cyberattacks

The healthcare sector was one of the hardest-hit industries, experiencing a peak of over 30 incursions per quarter at its worst point during the pandemic. While this figure has now receded to pre-pandemic levels, it highlights the ongoing threat faced by Belgian hospitals and medical institutions.

Retail Sector Suffers Three Times More Attacks

The retail sector also suffered significantly during the pandemic, with cyberattacks increasing by a factor of three compared to pre-crisis levels. This increase in attacks may be attributed to the shift towards online shopping and increased use of digital payment methods.

Belgian Banks Exceed Global Average for Cybersecurity

In contrast to other sectors, Belgian banks have demonstrated impressive resilience against cyber threats. According to Mastercard’s Riskrecon data analytics tool, which assigns a cyber vulnerability score from 0-10, Belgian banking institutions scored an impressive 8.43 – significantly higher than the global average of 8.13 and European average of 7.98.

Pandemic Accelerates Digital Transformation

The pandemic has accelerated the pace of digital transformation across all sectors, leaving businesses vulnerable to cyber threats. Mastercard’s analysis highlights the importance of prioritizing cybersecurity measures to protect against these threats.

Four Tips for Improving Cyber Hygiene

Mastercard offers four practical tips for businesses to improve their preparedness against cyber threats:

  • Identify vulnerabilities: Use Mastercard’s Riskrecon data analytics platform to evaluate your infrastructure and cybersecurity systems.
  • Practice good cyber hygiene: Ensure all employees use strong passwords, install anti-virus software, and regularly update systems.
  • Verify third-party suppliers: Be aware of the companies you work with digitally and ensure they have robust cybersecurity measures in place.
  • Detect risks: Use artificial intelligence solutions to detect potential threats and stay informed about suspicious activity.

Collaborative Approach to Cyber Resilience

Mastercard has established a partnership with Europol to combat cybercrime across Europe, promoting collaboration between regulators, businesses, and governments. The company’s Cyber Resilience Centre in Waterloo, Belgium, provides support for SMEs and merchants to prepare against potential attacks.

Conclusion

By prioritizing cybersecurity measures and adopting best practices, Belgian businesses can better protect themselves against the escalating threat of cybercrime. It is essential to stay vigilant and proactive in the face of these evolving threats.