In 2023, Croatia faced significant financial losses due to the increasing threat of cybercrime, with reported damages amounting to EUR 10.5 million. However, experts suggest that the actual damage may be three to seven times higher, highlighting the underreporting or miscalculation of the full impact. The victims of cyberattacks in Croatia span a range of sectors, from critical government bodies to private enterprises, including Hrvatske vode, Clinical Hospital Center Zagreb, HAK, Croatian Financial Services Supervisory Agency (HANFA), and Croatian Football Association.
This alarming trend was discussed in depth at the Cyberguard 2024 conference, organized by telecom A1 Croatia and the Center for a Safer Internet. Industry experts emphasized that the scale and sophistication of cyberattacks are only expected to increase, with damages from global cybercrime predicted to reach a staggering $10.5 trillion annually by 2025.
Cybercrime: A Growing Threat in Competitive Business
The case of two companies competing in a public tender illustrates how cybercrime has evolved to infiltrate legitimate business practices. One of the companies hires a hacker from the dark web to manipulate its rival’s system and access sensitive pricing information. This enables the attacker to adjust its bid and undercut the competitor, effectively winning the tender by manipulating the system—without leaving any obvious signs of a cyberattack.
According to Krešimir Hausknecht, head of the digital forensics department at INsig2, this type of cyber manipulation is particularly difficult to detect. He noted, “Changing a single number in the system may seem like an administrative error, leaving no obvious traces of destructive activity.” This example demonstrates how cybercrime can appear almost legal, making it extremely challenging to trace and prosecute.
Cybersecurity Best Practices: Avoid Being the Weakest Link
As cyber threats become more sophisticated, businesses and individuals must enhance their security practices. Hausknecht emphasized that security is a team sport, urging organizations to prevent any single person or system from becoming the weakest link in their cybersecurity chain.
Key recommendations for both personal and corporate cybersecurity include:
- Strong password management: Use random and unique passwords for every account, and enable two-factor authentication (2FA).
- Email and phone security: Keep primary email and phone numbers secure and separate personal from business accounts.
- Data protection: Make three backup copies of important data (live, offsite, and offline).
- Regular software updates: Ensure software is regularly updated to patch vulnerabilities.
- Monitor data leaks: Use services like Have I Been Pwned to check for compromised accounts.
- Cookie management: Read and review cookie policies carefully to avoid sharing personal information unnecessarily.
One crucial recommendation is to delete old accounts that are no longer in use, as they often become vulnerable points for hackers to exploit. These actions are simple but effective in maintaining a strong cybersecurity posture.
Challenges and Opportunities in the Fight Against Cybercrime
The rising tide of cybercrime poses significant challenges for organizations of all sizes, but it also opens opportunities for cybersecurity advancements. Implementing strong security measures such as two-factor authentication, monitoring data breaches, and frequent backups can greatly reduce vulnerabilities. However, there are limitations—these measures require ongoing attention, resources, and a coordinated effort across all levels of an organization.
Furthermore, cybersecurity awareness is still lagging in many regions, meaning that not all businesses are equipped with the tools and knowledge to combat sophisticated cyberattacks. This imbalance creates an environment where cybercriminals can exploit weaknesses more easily.
Despite these challenges, the evolving threat landscape has spurred innovations in cybersecurity technologies, making artificial intelligence (AI) and machine learning key tools in detecting and preventing attacks. For instance, many companies are now turning to AI-powered solutions to analyze vast amounts of data in real-time, identifying anomalies and potential threats faster than human intervention could achieve.
A United Front Against Cybercrime
The Cyberguard 2024 conference underscored that no one is safe from cybercrime, but a united and proactive approach can mitigate the risk. As Nathalie Rayes, the US Ambassador to Croatia, and Kristi O’Malley, a legal advisor for the US Department of Justice, pointed out during the panel, collaboration between governments, private sectors, and cybersecurity experts is essential for creating a safer digital future.
As cybercriminals continue to evolve their techniques, businesses and governments must stay one step ahead, ensuring their cybersecurity strategies are robust and dynamic. Everyone—from individuals to large enterprises—must understand that in today’s interconnected world, it’s not a matter of if, but when they’ll become a target.
In the fight against cybercrime, vigilance and collaboration are key.
