Whenever cybercriminals successfully target financial services (FinServ), we’re reminded all too well that money makes the world go round.
A fruitful attack can lock customers out of their bank accounts, expose sensitive data and fuel theft, fraud and a worrying distrust in financial institutions. The stakes are clearly high, and unfortunately attacks are still soaring. Between 2021 and 2024, the number of financial organizations worldwide reporting a ransomware attack doubled from 34% to 65%. Don’t think cyber insurance providers haven’t noticed. Premiums skyrocketed by an average of 30% in 2023, and businesses in high-risk sectors like FinServ saw premiums 50% higher than the market average.
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Source: Symantec
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