Despite the significant investments made in cybersecurity across Europe, weaknesses in cybersecurity infrastructure continue to exist. Many organizations struggle to keep up with the evolving threat landscape, and may not have the resources or expertise needed to implement effective security measures. This creates opportunities for cybercriminals to exploit vulnerabilities and launch attacks. “4 of the 10 countries most affected by cybercrime are on the European market.”¹

Europe has seen a significant growth in digital transformation in recent years, with many businesses and organizations embracing digital technologies to streamline operations and improve efficiency. While this shift has brought many benefits, it has also created new vulnerabilities that cybercriminals can exploit. As more data is stored in digital formats and transmitted across networks, the potential attack surface for cybercriminals has expanded significantly. “69% of EU firms implemented advanced digital technologies in 2022, compared with 71% in the United States. The gap has shrunk since 2019.”²

The COVID-19 pandemic has forced many businesses to shift to remote work arrangements, which has created new opportunities for cybercriminals. With more people working from home and accessing corporate networks remotely, the potential attack surface has increased significantly. Cybercriminals can exploit vulnerabilities in home networks and personal devices to gain access to corporate networks, where they can steal sensitive data or disrupt operations. “Covid-19 added to companies’ cybersecurity woes: 81% of global organisations faced an increase in cyber threats during the height of the pandemic, while 20% of managers said they experienced a security breach due to an employee working remotely, according to research by anti-malware software provider Malwarebytes.”³

The European market is home to some of the wealthiest countries in the world, with many of them boasting high GDP per capita and significant financial reserves. “Its combined GDP stood at $16.6 trillion in 2022, after the U.S. ($26 trillion) and China ($19 trillion).”⁴ Cybercriminals are attracted to this concentration of wealth, as it offers a potentially lucrative opportunity for financial gain. This is particularly true in the finance and banking sectors, where cybercriminals can target high-value transactions and steal sensitive financial data.

Europe has seen a rise in political tensions and conflicts in recent years, particularly around issues such as immigration and Brexit. This has created a climate of uncertainty and instability, which cybercriminals can exploit. In times of political turmoil, organizations and governments may be more distracted and less focused on cybersecurity, which can create opportunities for cybercriminals to launch attacks. “In the summer of 2022, there were almost as many conflict-related incidents in EU countries as there were in Ukraine (85 versus 86), and in the first quarter of 2023, the overwhelming majority of incidents (80.9%) have been inside the European Union.” – Thales Group

In conclusion, the European market has become an attractive target for cybercriminals due to a range of factors, including the concentration of wealth, growth in digital transformation, increase in remote work, political tensions and conflicts, and weaknesses in cybersecurity infrastructure. It’s essential for organizations and governments across the region to prioritize cybersecurity and invest in robust security measures to protect against cyber threats.