In Italy, small and medium-sized enterprises (SMEs) are particularly vulnerable to cyberattacks. This is what emerges from the Invind 2023 survey by Via Nazionale, presented by the deputy director general of Bankitalia, Paolo Angelini, during a conference dedicated to cybersecurity in the financial sector, organised in collaboration with CertFin and ABI. According to the survey, companies with between 20 and 49 employees are less aware of cyber risks. In fact, 14% of these companies consider it unlikely to be affected by a cyber attack, compared to only 7% of companies with over 50 employees. This disparity shows a significantly lower perception of risk among smaller companies.
Growth of cyber attacks in 2023
The number of cyber attacks is constantly increasing and diversifying. Paolo Angelini pointed out that modern technology allows even individuals with limited technical, financial or organisational capabilities to acquire the services needed to conduct illegal activities in cyberspace. Attacks are mainly directed at larger companies, which have greater economic resources, but do not spare SMEs, which are less well prepared to deal with them. According to data provided by the Agency for National Cybersecurity (ACN), the number of ransomware attacks increased by 27% in 2023. This phenomenon, considered the most alarming, affected both SMEs and large enterprises. Angelini emphasised that the phenomenon is probably underestimated for SMEs, since they often lack adequate cybersecurity safeguards and tend not to report incidents.
Cyber attacks by governments of non-EU countries
Financial institutions frequently report cyber attacks aimed at compromising the availability of services offered to customers, known as Denial of Service (DoS) attacks. These attacks are sometimes attributed to entities that can be traced back to governments in non-European countries. This aspect adds a geopolitical dimension to the cyber threat, highlighting the need for international cooperation to counter such phenomena.
CertFin-Viminale collaboration
A step forward in the fight against cybercrime was marked by the signing of the memorandum of understanding between CertFin and the Central Directorate for Scientific Police and Cyber Security of the Ministry of the Interior. This agreement, announced by Angelini during the conference, aims to strengthen cooperation in the prevention of cybercrime in the financial sector. The aim is to make the ecosystem of digital financial services more secure for the country and its citizens.
Future perspectives
The Invind 2023 survey highlights a worrying reality for Italian SMEs in terms of cybersecurity. The lack of awareness and adequate defence systems makes them easy targets for cyber criminals. The increase in ransomware attacks and the involvement of non-European state actors underline the complexity and seriousness of the threat. The signing of the memorandum of understanding between CertFin and the Viminale is a significant step towards greater security in the financial sector, but it remains crucial that SMEs also increase their awareness and adopt adequate protection measures.
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