Financial Crime World

Cybercrime on the Rise in Malta’s Finance Industry: Government Launches Cybersecurity Scheme

The Maltese government has launched a cybersecurity scheme aimed at combating the growing threat of cybercrime in the country’s finance industry. The B Secure Scheme is an investment of €250,000 by the government and will allow businesses to enhance their cybersecurity initiatives and protect themselves against increasingly sophisticated hacking attempts.

The Growing Threat of Cybercrime

A recent survey conducted by MITA revealed that only 35% of small and medium-sized enterprises (SMEs) in Malta provide cybersecurity training to their employees. Furthermore, 80% of these companies expressed interest in providing such training. However, cybercrime is a real and present threat for all Maltese businesses, with a staggering 40% having been targeted by hackers through phishing attempts or online scams.

The B Secure Scheme

The government’s emphasis on cybersecurity comes as Malta seeks to attract new companies, investments, and economic niches to diversify its economy. “Cybersecurity must be fully incorporated into our ecosystem,” said Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri. The implementation of the B Secure Scheme will place particular emphasis on delivering education and training services, which will begin in January 2020.

Key Features of the Scheme

  • Delivers a total of 330 hours of training
  • Conducts 123 risk assessments targeting 220 individuals
  • Companies, partnerships, and self-employed individuals can apply for the scheme
  • Successful applicants selected by a board on a first-come, first-served basis
  • Applications open until November 24 this year

Promoting Cybersecurity Awareness

The government hopes that the B Secure Scheme will help to protect Malta’s finance industry from the growing threat of cybercrime and promote a culture of cybersecurity awareness among businesses. The scheme aims to deliver a comprehensive package of training and risk assessments, which will enable businesses to identify and mitigate potential threats.

By participating in the B Secure Scheme, businesses can enhance their cybersecurity posture, reduce the risk of cyberattacks, and protect themselves against financial loss. The government’s investment in cybersecurity is a significant step towards creating a secure and sustainable economy for Malta.