Cyberattacks are increasing rapidly across Europe, targeting everything from banks to energy companies.
A cyberattack is an attempt by online hackers to steal, damage, or disrupt data systems, or networks, often for financial, political, or personal gain.
With hackers becoming more advanced, especially with tools like Artificial Intelligence (AI), businesses, governments, and individuals face growing risks.
Here’s why cyberattacks are on the rise, what industry experts are saying, and how you can keep yourself protected from phishing scams (fraudulent attempts to trick someone into sharing sensitive information).
Why are cyberattacks on the rise in Europe?
Geopolitical tensions and conflicts between nations are fuelling cybercrime, including spyware. Hackers, often backed by governments, are targeting key sectors in the European Union (EU).
A recent report by Eurelectic found that ‘Countries in the EU are more frequently becoming the target of these attacks, and the majority of global attacks are currently performed by Russian actors.’
These attacks aim to steal data, disrupt systems, or create chaos, and they’ve become a modern weapon of warfare.
A report from the International Energy Agency (IEA) indicates that the average number of weekly cyberattacks against utilities worldwide more than doubled between 2020 and 2022, reaching 1,101 weekly attacks in 2022. In 2023, hackers accessed the systems of 22 energy companies in Denmark.
More technology means more risks of cyberattacks
As technology becomes a bigger part of daily life, it also opens more opportunities for cybercriminals. Tools like AI are now being used by hackers to create smarter phishing emails or even creepily mimic voices to scam people.
Spain is at risk of cyberattacks
Spain’s energy and financial sectors have been targeted, and the country’s spending on cybersecurity is relatively low. According to a 2023 Statista report, companies in Spain allocated approximately 6.5 per cent of their IT budgets to cybersecurity, while U.S. companies allocated about 12.7 per cent.
This lower investment makes Spanish businesses and services particularly vulnerable. However, measures have been put in place within Spain’s healthcare system to help prevent cyberattacks.
Cybercriminals often strike when organisations are least prepared. Research shows many businesses reduce their cybersecurity efforts during weekends or holidays, leaving systems exposed. For example, over half of UK organisations have minimal staff monitoring their networks during these times, according to research conducted by Semperis.
Small businesses are also at risk. While big companies often invest in cybersecurity and insurance, only about 10 per cent of small businesses do the same. This creates a major gap, as smaller companies are less prepared to handle attacks.
How to protect yourself and your business from cyberattacks
- Learn cybersecurity skills
Europe is facing a shortage of cybersecurity professionals, meaning fewer experts are available to protect against these threats. The EU is working on training more people, but businesses and individuals should also take steps, like learning how to spot scams or understanding basic security measures.
- Use AI to your advantage
AI isn’t just a tool for hackers – it can also help defend against them. Businesses can use AI to automatically detect unusual activity, like an attempt to hack into accounts, and respond quickly.
- Keep up to date with new EU laws
The EU has introduced new laws like the NIS2 Directive, which helps companies strengthen their defences. It has set common security standards and requires cooperation between member states.
- Use strong, unique passwords
You need a password for each online account. Consider using something like a password manager tool if you’re worried about not being able to remember multiple passwords.
- Enable two-factor authentication
This is a second layer of security.
- Be extra cautious of new emails or messages
Do not give out personal information, especially if they seem urgent or unusual.
What the experts say about cybersecurity
A report by Computer Weekly acknowledges how business can sometimes lag behind with putting security measures in place: “There’s a sense of fatigue associated with spending on cyber security. Businesses’ spending on cyber has been increasing year-on-year for a sustained period of time, and a tendency has crept in for organisations to feel that, by now, they have done the necessary investing required to protect themselves, even though the reality is that the cyber threat landscape is ever-intensifying and regulatory pressures are mounting.”
Piero Cipollone, Member of the Executive Board of the European Central Bank, said: “Committing more resources to defence may create tensions within organisations, as this may divert them from other endeavours. However, in the end, achieving high cyber resilience is a core part of the product offering of financial market infrastructures. So investing sufficiently to achieve a high level of cyber resilience is necessary for long-term success.”
While new laws, better technology, and more skilled professionals can help with the rising threats of cyberattacks, everyone has a role to play. Whether you’re running a business or just using online services, staying informed and cautious is the best way to protect yourself from these ever-evolving threats.
Please read our recent article on DGT phishing scams and how to spot them.
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