Research by Accenture predicts that between 2019 and 2023, the banking sector is at risk of losing $347 billion as a result of direct and indirect cyberattacks.
The issue has further been exacerbated by the COVID-19 pandemic. Bank of America’s CTO, Cathy Bessant, said that cyberattacks have increased “dramatically” over the pandemic,.
VMware notes a 38% increase in cyberattacks against financial institutions in the first few months of the pandemic alone.
Whether it’s attempted hacks and viruses targeting a bank directly, or social engineering and phishing attacks intended to dupe individuals, financial institutions need to be vigilant in the face of a rising wave of cybercrime to protect customers and core systems.
