Cybersecurity Threats to Finance in Bulgaria: Experts Warn of Looming Risks

Bulgaria’s Vulnerability to Cyber Attacks Exposed

Bulgaria has recently faced a series of high-profile cyber attacks, with the latest incident targeting several government websites, media platforms, and telecom providers. The distributed denial-of-service (DDoS) attack made these institutions inaccessible for several hours, highlighting the country’s vulnerability to cyber threats.

Expert Panel Discussion at Tech of Tomorrow Event

During Investor.bg’s Tech of Tomorrow event, a panel of experts discussed the level of cybersecurity in Bulgaria and whether its institutions are prepared to deal with different scenarios of cybercrime. The discussion revealed that:

• Phishing attacks account for 80% of all malicious attempts in Bulgaria
• About 57% of Bulgarian institutions face daily or monthly hacker attacks

Common Cyber Attacks in Bulgaria

According to Dimitar Pavlov, Cybersecurity Manager at A1, the most common cyber attacks in Bulgaria are against web applications. However, he noted that cyber attacks have increased worldwide, especially after the beginning of the war in Ukraine.

Lack of Trained Staff and Organization

Bozhidar Bozhanov, former Minister of e-Governance, expressed concerns over the lack of trained staff and organization within government structures to deal with cybersecurity threats. He emphasized that Bulgaria is lagging behind in terms of training and preparedness, making it vulnerable to cyber attacks.

Warnings from Experts

Vihren Slavchev, Executive Director of Mnemonica, was more critical, stating that “we are not prepared” for modern cyber threats. He warned that hackers work in organized structures and use advanced tactics such as:

• Deepfake: a synthetic media technology that can create fake photos and videos

Spas Ivanov, Managing Partner at IT Baseline, highlighted the need for qualified personnel to maintain infrastructure once it has been built. He noted that government structures must offer more attractive working conditions to attract cybersecurity experts.

Disinformation and Digital Literacy Risks

The panelists agreed that disinformation and lack of proper digital literacy pose significant risks not only to individuals but also to big organizations and state structures. They emphasized the importance of good cyber hygiene, urging everyone to be vigilant against:

• Phishing attacks
• Spear phishing
• Ransomware
• Other forms of cybercrime

Need for Increased Awareness and Vigilance

With the increasing prevalence of deepfake technology, experts warned that it can be used as a means of mass manipulation, underscoring the need for increased awareness and vigilance in the face of modern cybersecurity threats.