The recent acceleration in digital transformation served as a positive opportunity for agile businesses to improvise and adapt to new customer habits. Concurrently, the intensive shift to online commerce has brought about a corresponding surge in cybercrime.

Bank of Valletta and The Malta Chamber recently organised a free webinar, to raise awareness about the changing landscape of cybersecurity and how businesses can reinforce resilience so as to mitigate potential cybercrimes.

“COVID-19 shifted businesses from the office onto the web,” commenced Marisa Xuereb, Deputy President of The Malta Chamber. “Businesses and even customers are therefore more exposed to cybercriminals, as the network of cybercrime continues to grow”. Ms Xuereb particularly highlighted the increase in remote working to be a beacon that attracts online criminals.

“Cybersecurity is no longer just a technological accessory, it is now a business issue,” claimed Joseph Agius, Chief Technology Officer at Bank of Valletta. “The consequences of suffering a cyberattack are massive, resulting in data loss, system outage and reputational damage.” He described today’s attackers as highly sophisticated ones, carrying out hacks through malware and identity theft among others. Mr Agius concluded that for such reasons, businesses should measure the efficiency of existing security controls, manage organisational risk and invest in adaptive and flexible IT infrastructure.

With the intensive growth of digitalisation and the continuous switch to remote working, the exposure to cybercrime will increase. Being 100% safe cannot be guaranteed, but mitigating risk is possible.

Businesses should have a contingency plan of combatting cybercrime by seeking consultancy, setting up a security team, deploying multiple layers of security and constantly educating employees to be cyber-smart.

A recording of this webinar can be viewed on https://youtu.be/9hs9FgNqdG4.

 

These webinars are purely for information purposes. Any information during this session is not and should not be construed as an offer or recommendation to sell or solicitation of an offer or recommendation to purchase or subscribe for any product. Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130.  Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap.371 of the Laws of Malta) and the Investment Services Act (Cap.370 of the Laws of Malta).

'Credit & Financial Institutions' Related News Articles

01
NATURE TRUST AND BANK OF VALLETTA UNVEIL ‘WHAT IS THAT ANIMAL?’ – MALTA’S FIRST LOCAL FAUNA FIELD GUIDE
Bank of Valletta

by Bank of Valletta

2nd June 2024

The European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations 2024
CSB Group

by CSB Group

5th April 2024

Bank of Valletta has supported this year’s opera by Gioachino Rossini – ‘Armida’
Bank of Valletta

by Bank of Valletta

18th March 2024

Changing the terms of a credit agreement and forbearance policies and measures: new obligations on lenders in consumer and residential property credit agreements
Ganado Advocates

by Ganado Advocates

23rd February 2024

The HSBC Malta Foundation supports Three-Year UM Research Project through RIDT
HSBC Bank Malta p.l.c.

by HSBC Bank Malta p.l.c.

19th February 2024

BOV RETROSPECTIVE EXHIBITION FEATURING WORKS BY NOEL GALEA BASON OFFICIALLY INAUGURATED
Bank of Valletta

by Bank of Valletta

17th January 2024

Goal-line Defenders: Scoring Victory Against Financial Crime with the Three Lines of AML/CFT Defence
CSB Group

by CSB Group

12th January 2024

Agreement reached on the establishment of the Anti-Money Laundering Authority (“AMLA”)
Ganado Advocates

by Ganado Advocates

3rd January 2024

FIAU Thematic Review on Company Service Providers when providing Company Formation Services
Ganado Advocates

by Ganado Advocates

3rd January 2024

Directive 93/13/EEC and mandatory statutory or regulatory provisions in consumer contracts
Ganado Advocates

by Ganado Advocates

3rd January 2024

MiCA Update: Consultation Process on the Proposed Updates to Chapter 3 of the VFA Rulebook
Ganado Advocates

by Ganado Advocates

1st November 2023

Continuing to disclose the topic EU funding for Startups ¦ Startup Definition
Griffiths + Associates Ltd

by Griffiths + Associates Ltd

31st October 2023