Nicosia, Cyprus. The Association of Cyprus Banks urged businesses to strengthen cybersecurity measures, saying proactive prevention is the most reliable safeguard against digital crime and financial fraud.
Prevention and core cybersecurity measures
In a statement, the Association of Cyprus Banks said prevention is the most effective defence and called on businesses to invest in basic cybersecurity systems, including firewalls, software updates and antivirus protection, as part of a comprehensive approach to safeguarding operations.
Staff training, authentication and backups
The association emphasised systematic staff training, particularly in recognising suspicious messages and fraudulent communications, which it described as a primary entry point for attacks. It also recommended strong passwords and two-factor authentication, as well as secure data backups stored in separate environments to mitigate risks and support recovery capabilities.
Phishing schemes and cyberattacks
The ACB warned that fraud schemes conducted via SMS, phone calls or email, commonly known as phishing, smishing and vishing, are designed to deceive individuals into revealing passwords, access credentials or banking information. It said cyberattacks involve malicious actions targeting software systems, including network breaches, malware infections and ransomware attacks, which can disrupt operations and compromise sensitive data.
Ransom demands and awareness campaign
The association said the ultimate objective of cybercriminals is often to demand ransom payments in exchange for restoring systems or returning stolen data. It added that, as part of its awareness efforts, it has produced the sixth video in a dedicated series on cybersecurity and fraud prevention in collaboration with the Cyprus Chamber of Commerce and Industry, and made it available on its official YouTube channel.
What steps has your organisation taken to strengthen cybersecurity and prevent phishing attempts?
