Cybercrime in Cyprus: A Growing Concern as Attacks Surge by 75%

A recent surge in cyberattacks in Cyprus has left businesses reeling, with a staggering 75% increase in ransomware attacks reported in the last quarter alone. According to the latest statistics from our Security Operation Centre, the island nation is experiencing an unprecedented wave of cyber threats, underscoring the urgent need for robust cybersecurity measures.

Rising Threats

Ransomware Attacks

Ransomware has emerged as the leading form of cybercrime in Cyprus, with attackers encrypting data and extorting victims for decryption or non-disclosure. The high profit margins associated with ransomware have made it an attractive target for cybercriminals, who are investing considerable time and resources into improving their methods.

Unauthorised Software Usage

Another major concern is unauthorised software usage, which has seen a 65% increase in supply chain attacks. Cybercriminals are exploiting third-party vendors who have access to an organisation’s resources for managed services, highlighting the need for strict controls over software used by these providers.

Man-in-the-Middle (MitM) Attacks

Man-in-the-Middle (MitM) attacks also continue to pose a significant threat, with a 43% rise in such attacks reported over the last quarter. These attacks involve intercepting and altering communication between two parties, allowing attackers to spy on conversations or steal sensitive information.

The increasing frequency of unauthorised access and failed login attempts, up by 30%, has also raised concerns. Businesses must adopt robust security controls, including two-factor authentication technologies and security monitoring, to prevent these types of attacks.

Remote Command Execution Attacks

Remote command execution attacks have seen a 22% increase in Cyprus, while phishing attacks continue to be a significant threat, with a 19% rise reported over the past quarter.

Mitigating Risk

To mitigate the risk of ransomware attacks, businesses must implement robust backup and recovery strategies to prevent data loss and minimize the impact of an attack. It is also essential to ensure that all systems and software are up-to-date and equipped with sufficient security controls.

Prioritizing Cybersecurity

“Cyber-attacks are no longer just a technology problem; they can have real-world consequences for organisations,” said Ioannis Simos, Manager of Managed Detection and Response at Odyssey Cybercrime. “In light of the increasing frequency and complexity of cyber-attacks in Cyprus, it is essential that businesses adopt a proactive approach to cybersecurity, implementing robust measures to achieve cyber resilience and protect themselves against potential threats.”

A Holistic Approach

The key to effective cybersecurity lies in adopting a holistic approach that considers the three pillars of people, process, and technology. By prioritising cybersecurity, organisations can build an effective and applicable strategy to mitigate the growing threat of cybercrime in Cyprus.

Conclusion

Cyber-attacks are no longer just a technology problem; they can have real-world consequences for organisations. In light of the increasing frequency and complexity of cyber-attacks in Cyprus, it is essential that businesses adopt a proactive approach to cybersecurity, implementing robust measures to achieve cyber resilience and protect themselves against potential threats.