Financial Crime World

Financial Institution Cybersecurity Threats and Vulnerabilities in Austria Rise to Record High

Introduction

Cybersecurity has become a pressing concern for financial institutions in Austria as the country’s IT sector continues to grow. According to recent statistics, the total number of reported cyber-crimes in 2022 reached a new record high of 60,195, marking a 30.4% increase compared to 2021.

Key Statistics

  • Total reported cyber-crimes in 2022: 60,195
  • Increase in cyber-crimes from 2021 to 2022: 30.4%
  • Percentage of companies with over 50 employees that have established a cybersecurity emergency plan: 20%

Vulnerability of Financial Institutions

Financial institutions in Austria are particularly vulnerable to cyber threats, with:

  • 12% of firms reporting daily attacks in the last 12 months
  • Limited IT budgets dedicated to services, software, hardware, and additional staff

Growing Austrian Cybersecurity Market

The Austrian cybersecurity market is expected to continue growing, driven by the increasing threat of cyber-attacks and the need for innovative security solutions. The market can be split into three main segments:

  • Small- and medium-sized enterprises (SMEs)
  • Large companies
  • Government
  • Cyber defense solutions targeting phishing, malware, and ransomware
  • Endpoint hardware and software security
  • Security measures to comply with EU legislation and industry-specific regulations for critical infrastructure
  • End-user awareness and continuous cybersecurity training
  • Cyber insurance

Entering the Austrian Market

U.S. companies may consider working with established resellers or systems integrators, securing international ISO 27,000 series certification, and implementing SCO audit reports to build trust among potential buyers. Public sector procurement contracts can be found on the European Commission’s website.

Resources for Staying Up-to-Date

Some of the key resources for staying up-to-date on Austrian cybersecurity include:

  • Trade shows and conferences such as ASIS Europe and InfoSecurity Europe
  • Industry associations like the Austrian Security Board (KSÖ) and Cyber Security Austria (CSA)
  • Research institutes like KIRAS Security Research and SBA Research
  • Government links, including the Federal Chancellery’s Cyber Security Platform and the Ministry of Interior’s Federal Criminal Police Office.