Banks are Targets for Cybercrime but Can Fight Back

As both the number and financial toll of cyberattacks continue to climb, financial services businesses remain among the top targets of cybercriminals. According to one report, the banking industry experienced 15,537 ransomware attacks during the first half of 2021, more than government, manufacturing, healthcare, or food and beverage sectors¹. Another estimate notes that the average cost of a data breach in the financial sector was $5.72 million in 2021². Indeed, Federal Reserve Chairman Jerome Powell warned that cyberattacks are the top threat to the global financial system³.

For financial services firms, whether depository institutions, asset managers, insurance companies or other organizations, the severity and potential consequences of a successful network intrusion, data theft or ransomware attack can be costly, far-reaching and long-lasting.

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