In This Issue:
Irish SMEs Lose €10M to Email Scams in 2023
In 2023, Irish SMEs experienced significant financial losses, amounting to €10 million, due to email-related scams. These fraudulent activities have highlighted the urgent need for enhanced cybersecurity measures within the sector. Cybercriminals primarily exploited phishing and business email compromise (BEC) techniques to deceive businesses. Experts urge SMEs to invest in robust email security systems, employee training, and to remain vigilant against suspicious emails. The rising trend in cyber threats underscores the importance of proactive cybersecurity strategies to safeguard financial assets and maintain business integrity.
European Investment Bank Boosts Cybersecurity Funding
The European Investment Bank (EIB) is significantly boosting its investment in the defence sector. This strategic move aims to enhance cybersecurity and address rising digital threats across Europe. The EIB's focus includes funding advanced technologies and infrastructure to strengthen defence capabilities. This initiative reflects the growing importance of cybersecurity in safeguarding national and regional security. By prioritising these investments, the EIB aims to bolster Europe's resilience against cyberattacks and contribute to a secure digital environment for businesses and citizens.
Enhanced GDPR Regulations: 30% Higher Fines and Tightened Data Protection
The latest updates to the General Data Protection Regulation (GDPR) introduce stricter measures to address the digital era's challenges. The new rules include a 30% increase in fines for non-compliance, emphasising the importance of data protection. Organisations must now report data breaches within 48 hours, a reduction from the previous 72-hour window. Additionally, transparency requirements have been enhanced, requiring 50% more detailed disclosures on data usage. These updates aim to bolster user privacy and trust, urging businesses to revise their data protection practices to meet the stringent GDPR standards.
Source: https://www.rte.ie/news/business/2024/0717/1460295-gdpr-digital-rules/
Ransomware Crisis: Over 4,000 New Victims
In the past year, ransomware attacks have surged by 77%, with over 4,374 new victims recorded across 75 countries. Small businesses are the hardest hit, being four times more likely to suffer due to weaker cybersecurity measures. In Q1 2024 alone, 1,046 victims were targeted by 43 threat actors. The Cy-Xplorer 2024 report highlights that 200 instances of "re-victimisation" were identified, with attackers often switching between ransomware groups. Notably, half of these repeated attacks occurred within 80 to 302 days, exacerbating the victims' challenges.
Source: https://www.orangecyberdefense.com/be/resourses/cy-xplorer-2024
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