- According to a Global report by the Carnegie Endowment the threat landscape of attacks to the financial institutions are becoming more frequent, sophisticated, and destructive.
- In 2022, the banking industry experienced seventeen major disruptive threats ranging from $1M to $615M in costs.
- KPMG ascertains that banks may be ill-equipped to protect customer data, privacy, and assets during a cyberattack based on insight by senior banking executives.
- KPMG, Sophos, and CrowdStrike strongly recommend to be proactive:
- Include end-point protection with strong anti-exploit capabilities.
- Optimize attack preparation creating timely backups and exercise response time.
- Implement tools that provide strong visibility to security gaps throughout the enterprise.
- Prioritize Cloud Security Protection and education.
Adopting AI to mine data, identify critical end points, and respond automatically to cyberattacks will not only reduce downtime but recover costs.
It is not a matter of IF but WHEN.
