Financial Crime World

Italy’s Financial Institutions Under Siege as Cybersecurity Threats Intensify

Rising Concerns in Italy’s Digital Landscape

Rome - Italy has emerged as a hotbed for cyberattacks, ranking fourth in the world and first in Europe for the number of cyberattacks. The surge in remote work has created new vulnerabilities, with attacks on PCs doubling last year as cybercriminals target the weakest link: the endpoint and employee’s PC.

Alarming Statistics

According to the Italian Cybersecurity Association (CLUSIT), nearly 13,000 significant cyberattacks were reported to the Postal and Communications Police (CNAIPIC) in 2022, more than twice the number from the previous year. The majority of these attacks involved:

  • Malware
  • Ransomware
  • Phishing
  • Distributed Denial-of-Service (DDoS) attacks
  • Advanced Persistent Threat (APT) campaigns

Russia’s War Against Ukraine Spurs Cyberattacks

Russia’s war against Ukraine has led to an unprecedented surge in cyberattacks, particularly DDoS attacks, which increased exponentially last year. Many attacks are traceable to Chinese and Russian hacking groups operating transnationally.

Financial Institutions Under Fire

Italian financial institutions have been particularly targeted, with significantly more malware families detected in 2022 (208) than in 2021 (163). The primary sectors affected include:

  • Finance
  • Insurance
  • Public Administration

National Cybersecurity Authority Established

To combat these threats, Italy’s National Cybersecurity Authority (ACN) has been established to protect the national cyberspace. The agency promotes a coherent regulatory framework and exercises inspection and sanction functions.

Government Investing in Cybersecurity Strategy

The government has also announced plans to invest $2.2 billion in implementing its first-ever cybersecurity strategy, which outlines the country’s digital roadmap for 2026. The plan includes measures such as:

  • Creating a unified cloud computing infrastructure
  • Ensuring data localization

Advice for U.S. Companies Operating in Italy

U.S. companies operating in Italy are advised to ensure they meet all requirements, including having a legal entity or legal representative entrusted with the power to act on its behalf. For more information, contact the U.S. Commercial Service Italy at maria.calabria@trade.gov.