The Association of Cyprus Banks (ACB) has stressed that remaining proactive constitutes the most reliable safeguard against digital crime and financial fraud, urging businesses to strengthen their cybersecurity measures.

“Prevention is always the most effective defence,” the Association of Cyprus Banks said in a statement.

The association highlighted that businesses should invest in basic cybersecurity systems, including firewalls, software updates and antivirus protection, as part of a comprehensive approach to safeguarding operations.

It also emphasised the importance of systematic staff training, particularly in recognising suspicious messages and fraudulent communications, which remain a primary entry point for attacks.

In addition, the association called for the use of strong passwords and two-factor authentication, alongside maintaining secure data backups stored in separate environments, to mitigate risks and ensure recovery capabilities.

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 further explained that cyberattacks involve malicious actions targeting software systems, including network breaches, malware infections and ransomware attacks, which can disrupt operations and compromise sensitive data.

The association added that the ultimate objective of cybercriminals is often to demand ransom payments in exchange for restoring systems or returning stolen data.

As part of its awareness efforts, the ACB said it has produced, in collaboration with the Cyprus Chamber of Commerce and Industry, the sixth video in a dedicated series on cybersecurity and fraud prevention.

The video has been made available on the association’s official YouTube channel as part of ongoing efforts to inform and educate businesses and the public.