Cybercriminals banking on finance: Mitigating escalation

When it comes to cyber attacks, no industry is safe. But according to Boston Consulting Group research, financial service firms experience up to 300 times as many cyber attacks per year compared to companies in other industries. No financial firm is ever safe, especially as cybercriminals become more determined and sophisticated in their attack methods.

The dramatic increase in attacks against the financial industry can be attributed to three factors:

1. The COVID-19 pandemic has forced many employees to work remotely, further increasing the attack surface, making them easier targets
2. Cybercrime syndicates have adopted new attack methodologies, which traditional cybersecurity controls cannot defend against
3. Cybercriminals are, in some cases, being seen as patriots by their respective nations and acting as nefarious “cyber Robin Hoods.”

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Related industries: Cybersecurity, Information Technology & Information Assurance