Financial Crime World

SLOVAKIA’S FINANCIAL INSTITUTIONS FACE CYBERSECURITY THREATS: A CALL FOR BEST PRACTICES

As the global economy becomes increasingly digital, Slovakia’s financial institutions are facing a growing number of cyber threats that could compromise their operations and reputation.

The Threat Landscape

  • High frequency of attacks: 78% of operational technology (OT) companies in Slovakia have experienced at least three attacks in the past 12 months.
  • Significant damage: These attacks result in damage to productivity, revenue, brand trust, intellectual property rights, and physical security.

Vulnerable Sectors

  • Industrial and manufacturing sectors: 64 incidents reported in industry and industrial processes in 2022, including 22 cyberattacks with actual physical consequences.
  • Healthcare sector: The Slovak National Cyber Security Center recorded 131 cyber incidents in the healthcare sector alone in 2021.

Challenges to Implementing Effective Cybersecurity

  • Obsolete ICT equipment: Many financial institutions face challenges in implementing effective cybersecurity solutions due to outdated ICT equipment.
  • Financial constraints: Lack of financial resources hinders the adoption of robust cybersecurity measures.

Opportunities for U.S. Cybersecurity Companies

U.S. cybersecurity companies can capitalize on these opportunities by offering consultancy and advisory services, managed security services, security software and solutions, training and education, incident response and forensics, and collaboration with local partners.

Key Areas to Focus On

  • Consultancy and advisory services: Providing expert guidance to businesses and government entities.
  • Managed security services: Offering outsourced cybersecurity monitoring and incident response.
  • Advanced security software and solutions: Introducing cutting-edge technology tailored to local needs.
  • Cybersecurity awareness training: Developing local awareness through education programs.
  • Collaboration with local players: Building trust among potential clients by partnering with established local companies.

Assistance from the U.S. Commercial Service Bratislava

The U.S. Commercial Service Bratislava is available to assist U.S. firms in navigating the Slovak market and ensuring a smooth market entry. For more information, please contact Lenka Janovska at lenka.janovska@trade.gov.

Conclusion: A Call to Action

In conclusion, Slovakia’s financial institutions face significant cybersecurity threats that require immediate attention and action. By implementing best practices in cybersecurity and collaborating with U.S. cybersecurity companies, Slovak financial institutions can protect themselves against cyber threats and ensure the safety of their digital infrastructure.