According to a recent Mastercard study, cybersecurity knowledge barely exceeds 1.5 on a four-point scale among the most digitally adept age group.
The company first shared the findings with participants of Hungary’s KiberPajzs (CyberShield) initiative and will later approach industry stakeholders. The headline results were presented to the public at a press conference on Feb. 20.
Given the alarming rise in cybercrime, experts stress that only a coordinated effort, combined with collaboration and continuous knowledge sharing, can effectively curb these threats. KiberPajzs provides a structured framework for such efforts and has said it will incorporate the study’s conclusions into its initiatives.
In 2024 alone, cybercrime in Hungary resulted in 13,000 victims and HUF 30 billion in financial damages. Online marketplaces have become particularly vulnerable, with 43% of users encountering fraudulent attempts and 20% reporting financial or data losses. Nearly half of the Hungarian population (48%) has personally experienced a cyberattack or knows someone affected who has.
Despite this, only 22% consider themselves adequately prepared to counter cyber threats. Meanwhile, the public sector remains the most targeted, although threats in the healthcare sector have declined since the pandemic. The technology sector, however, has become an increasingly attractive target for cybercriminals.
The recent representative survey conducted by Mastercard found that 70% of Hungarian adults recognize that banks will never request card details or login credentials via phone or email. Despite this awareness, fraudsters successfully deceived victims into transferring sums exceeding HUF 10 million in numerous cases last year. This underscores a key challenge in cybersecurity: the weakest link is often an individual caught off guard or unprepared for social engineering tactics.
KiberPajzs partner Mastercard’s in-depth study analyzes user security awareness and cybercriminal strategies. By identifying risks and reinforcing digital defenses, the study aims to equip individuals and organizations with a deeper understanding of cybercrime trends, emphasizing the importance of intelligence exchange in combating cyber threats.
“The Cybercrime Age 2025 study is a unique and essential resource that provides national and regional insights into the evolving landscape of cyber threats. It offers a data-driven, in-depth assessment of Hungarian users’ cybersecurity knowledge and their most pressing needs,” says Gergely Márkus, country manager for Mastercard Hungary and Slovenia.
“With this document, we aim to support security professionals and decision-makers within and beyond the digital payments ecosystem. I firmly believe this study will serve as a valuable starting point for collaborative efforts to enhance security. The KiberPajzs initiative offers a particularly effective and well-structured framework for organizations committed to strengthening cybersecurity,” he adds.
The study also gives an international context, estimating that global damages caused by cybercrime could have reached USD 9.5 trillion by the end of 2024. In Hungary, one of the most striking findings is the gap between theoretical cybersecurity knowledge and actual digital behavior.
Some 46% of respondents could not determine whether messages shown in the survey were legitimate or fraudulent. Younger generations tend to overestimate their ability to recognize scams. While 90.5% of 18-29-year-olds consider themselves difficult to deceive. However, when tested on their cybersecurity knowledge, their average digital security index score was just 1.5 out of 4. I
Interestingly, while older individuals were reportedly less confident in their ability to protect themselves from digital fraud, the results showed they performed better than younger participants.
Cybercriminals continuously refine their techniques in parallel with technological advancements. Fraudsters utilize automation, collaboration, outsourcing, artificial intelligence, and intelligence-sharing to maximize their illicit profits. Cybercrime is an industry that evolves rapidly, making real-time access to security information a critical factor.
Effective defense strategies require both the development of practical cybersecurity habits and the seamless dissemination of up-to-date security intelligence to consumers and businesses. Ideally, such information should be integrated organically into users’ existing digital ecosystems, including their preferred communication channels.
However, coordination is necessary to ensure knowledge-sharing and collaboration among stakeholders. This is precisely the role undertaken by the KiberPajzs Program, initiated by the Hungarian Banking Association and the Hungarian National Bank (MNB).
The initiative brings together institutions such as the National Cyber Security Center, the National Media and Communications Authority, the Ministry of Justice, the Financial Arbitration Board, the Supervisory Authority for Regulated Activities, the Ministry of National Economy, the Hungarian State Treasury, the National Protection Service, as well as newly joined participants such as Szerencsejáték Zrt. and Visa.
“Combating cybercrime is a universal responsibility for all responsible organizations and individuals. Cybersecurity preparedness requires collaboration among government entities, IT, telecommunications, retail, and financial service providers. We welcome Mastercard as a key player in KiberPajzs, as their research confirms that consumers actively seek cybersecurity guidance from trusted service providers. The initiative aims to meet these expectations by developing new security content and solutions to improve public awareness,” says Levente Kovács, secretary-general of the Hungarian Banking Association.
“We have observed that the primary vulnerabilities among users stem not from technological limitations but from a lack of awareness and preparedness,” Sándor Töreki, deputy chief of the Hungarian National Police, notes. He says the survey findings align with law enforcement insights, remarking that 80% of survey respondents acknowledged that two-factor authentication was neither overly complicated nor time-consuming, yet it remains significantly underutilized. “Through collaboration, we aim to bridge this gap,” Töreki adds.
“User-friendly digital platforms must integrate essential security features to protect consumers while maintaining ease of use,” emphasized Lajos Szabó, director of the National Cyber Security Center.
“Built-in solutions should not only recognize fraudulent transactions but also proactively prevent them or issue timely alerts. Initiatives like KiberPajzs and cutting-edge cybersecurity technologies are essential components of an effective defense strategy,” Szabó argues.
Throughout Europe, recent trends and the emergence of new cybercrime tactics highlight the urgent need to enhance existing security measures. The number and sophistication of cyberattacks targeting Hungarian institutions indicate that further preventive actions are necessary.
“Banking systems remain secure. Thanks to OTP Bank’s security measures and its cooperation with law enforcement and card networks, financial fraud losses affecting customers have been significantly reduced,” insists Gábor Bucsek, director of security at OTP Bank.
“In 2024, OTP Bank recorded a 32% decrease in financial fraud-related damages compared to 2023. Furthermore, in terms of prevented fraud, we successfully safeguarded more than three times the amount of customer funds compared to the previous year,” he concludes.
This article was first published in the Budapest Business Journal print issue of March 7, 2025.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
