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Cyberattacks in banking are on the rise

30-11-2021
With the increasing sophistication of cybercriminals, banks and financial institutions need every advantage in the information security fight.

News Computer Security_V2 Inside News_1400x700pxFor banks and other financial institutions, the protection of customers' personal data is at the top of the priority list, so the struggle against cybercriminals never ends.

The digitalization of financial services has brought new challenges, with customers increasingly starting to make financial transactions using their smartphones, tablets, laptops and desktops. Each of these customer endpoints represents an opportunity for hackers to breach a bank's network and compromise its operations.

 

Cyberattacks on the rise

For every major cyberattack, there are countless similar attacks only noticed by businesses and their customers.

Businesses that suffer a high-profile data breach can face damage to their brand and customer relationships. Not only is there a high cost to resolve the breach, but banks and financial institutions in particular face a loss of customer trust that can have long term consequences.

Since banks and other financial institutions do not have the option of going back to the old way of doing business, they have little options other than to develop their cybersecurity strategies.

 

Solutions to mitigate Cyberattacks

Financial crimes are plaguing financial institutions and cyberattacks are becoming more and more sophisticated every year.

You should reduce your risk assessment with a digital transformation built on today's cloud environment that offers banks and financial institutions unprecedented agility and protection in reducing cyber risk. Including information security in your infrastructure will safeguard data and assets and help stabilize banking regulations and compliance program activity. A complete data security strategy must incorporate people, processes, and technologies.

 

To empower your banking cybersecurity, feel free to talk to us.