Financial Crime World

Cybersecurity Threats Surge in Saudi Arabia’s Businesses

Financial Detections Reach Alarming Levels Across Region

A recent report by Kaspersky reveals that financial threat detections have reached alarming levels in Saudi Arabia, with a significant increase in the second quarter of 2022. According to the report, financial threat detections soared nearly fourfold in Q2 2022, representing a staggering growth of 286% compared to the previous quarter.

While other countries in the Middle East, such as Egypt, UAE, Kuwait, and Oman, saw an upward trajectory in financial threats, Saudi Arabia witnessed a decrease of 24% in Q2 2022 compared to Q1 of the same year. Bahrain and Qatar also experienced a decline in similar threats.

Emerging Threat: Financial Phishing

Another emerging threat is financial phishing, which is gaining momentum in the region. Phishing attacks are a type of online fraud where scammers send fake alerts from banks, e-payment systems, and other organizations to trick consumers into sharing their financial details. In Saudi Arabia alone, Kaspersky detected and blocked 478,155 financial phishing attacks aimed at organizations in the first half of 2022.

Targeted Industries

The majority of these attacks (74%) targeted online shopping outlets, while 20% were directed against payment systems such as PayPal, ApplePay, and others, and 6% were against banks. Emad Haffar, Head of Technical Experts at Kaspersky, notes that “A life without Internet is strange to us. So much that our financial life is now digital… But we also need to be aware of an unprecedented wave of challenges.”

Combating Threats

To combat these threats, Kaspersky recommends:

  • Prioritizing fraud prevention and controlling fraudulent transactions
  • Educating employees as they are considered the first line of cyber defense
  • Extending cybersecurity dos and don’ts to customers
  • Using real-time malware detection solutions
  • Relying on threat intelligence to increase visibility and feed security operations with advanced insights

Conclusion

As financial cyberthreats continue to evolve and grow in complexity, it is essential for businesses in Saudi Arabia to stay ahead of the curve by implementing robust cybersecurity measures to protect themselves against these emerging threats.