A recent incident in Limassol highlights the dangers of online invoice fraud. A company fell victim to a scam when they received an email from their supplier with changed banking details, leading them to transfer over €16,000. It is crucial for merchants to verify payment details directly with suppliers, educate staff about fraud, and invest in strong security measures to prevent falling prey to invoice fraud.
Cyprus has launched a €1 million cybersecurity support scheme for SMEs, offering grants ranging from €20,000 to €60,000 to enhance their digital defenses and comply with cybersecurity standards. The initiative aims to protect the nation’s economic pillars, boost market competitiveness, and ensure consumer trust in the digital age.
Cyprus’s top concerns regarding cybersecurity threats and economic stability include cyberattacks on vital institutions, mass influx of migrants, climate change effects, challenges to public finances and debt management, and the need for digital transformation. These issues demand strategic responses and international collaboration to safeguard the country’s economy.