The banking industry has famously been the target of many malicious hackers, leading to cybersecurity in banking becoming a major investment for many organizations. Bank of America spends upwards of $1B just on cybersecurity, and for good reason.
A research report from the New York Federal Reserve notes that financial firms experience 300 times more cyber attacks than firms in other industries. Financial companies make for extremely attractive targets for a number of reasons.
Nation-state or state-sponsored hackers can wreak havoc on a country simply by crippling or bringing down a major financial firm. Hackers aim at financial firms for major payoffs. Ransomware is particularly effective given how little the banking industry can afford to have any downtime and direct access to funds depending on the attack can turn lucrative quite quickly. The banking industry can be used as a vector to attack other organizations.
In this post-COVID world, the banking industry is facing new novel challenges they need to address in order to stave off a rising threat. Here’s a list of key cybersecurity challenges the banking industry is facing and what we recommend to do.
Challenge 1: Ransomware
We’ve mentioned it multiple times but it’s worth