Financial Institutions Face Rising Cybersecurity Threats in Saudi Arabia Amid Regional Surge
The Middle East has witnessed a significant surge in business-related financial threat detections during the second quarter of this year, with a notable increase of 286% compared to the previous quarter. This alarming trend is largely attributed to an uptick in Banking Trojans, a type of malware used to steal sensitive information from online banking systems, e-payment systems, and plastic card systems.
Regional Trend Analysis
The growth in financial threat detections has been observed across several countries in the region, including:
- Egypt
- UAE
- Kuwait
- Oman
However, Saudi Arabia witnessed a significant decrease of 24% in Q2 2022 compared to the previous quarter. Bahrain and Qatar also reported a decline in similar threats during the same period.
Phishing Scams on the Rise
Phishing scams, another prevalent method of stealing financial information, have been on the rise in the region. Scammers typically send fake alerts from banks, e-payment systems, and other organizations, tricking consumers into sharing their sensitive details. According to Kaspersky telemetry:
- 478,155 financial phishing attacks targeted organizations in Saudi Arabia during the first half of 2022.
- 74% of these attacks were directed at online shopping outlets.
- 20% targeted payment systems such as PayPal and ApplePay.
- A further 6% aimed at banks in the country.
Expert Insights
“We live in a digital age where our financial lives are increasingly dependent on technology,” said Emad Haffar, Head of Technical Experts at Kaspersky. “However, this also makes us vulnerable to an unprecedented wave of challenges. Financial threats are becoming more sophisticated and will only continue to grow. Businesses must prioritize fraud prevention to reduce the risk of reputation damage and financial loss.”
Recommendations for Business
To help businesses stay ahead of these threats, Kaspersky recommends several measures:
- Educate employees on cybersecurity best practices through continuous learning experiences and awareness programs.
- Extend cybersecurity guidelines to customers to protect them from falling victim to phishing scams.
- Utilize Kaspersky Fraud Prevention solutions to detect malware in real-time and prevent financial losses.
- Leverage Kaspersky Threat Intelligence to increase visibility and provide advanced insights for security operations.
By taking these steps, businesses can better protect themselves against financial cyber threats and maintain a strong reputation in the market.