One of the most important investments a financial firm can make:
An investment in cybersecurity.
Financial firms' sudden switch to remote digital environments combined with rapid changes to the way funds are accessed and their heavy dependence on supply chains has created an expanded attack surface that hackers are eager to exploit. Financial firms also hold vast amounts of valuable data such as enterprise assets and personal information, but typically lack the security controls to protect that data.
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Cybercriminals are banking on financial firms for their data
The treasure trove of private and sensitive customer data that financial firms hold makes them the #1 target of cybercriminals.
About 70% of financial services firms have faced a cyberattack over the past year.
"The attacks have cost financial institutions an average of $4.7 million, about 75% more than the similar costs for other organizations."
"From Feb-April 2020 cyber attacks against the financial sector increased by 238 percent."