The digital transformation has significantly enhanced efficiency within the financial sector, but not without elevating the cyber risk landscape. Recent findings by the International Monetary Fund (IMF) reveal a stark reality: cyberattacks have more than doubled since the pandemic, spotlighting the financial sector’s vulnerability due to its handling of sensitive data and transactions. Companies have faced enormous penalties for data breaches, with losses quadrupling to $2.5 billion since 2017. The financial industry’s interconnectedness not only facilitates these attacks but also their potential to undermine trust in the global financial system. Check Point Research confirms this threat, our threat intelligence found that from January to March 2024, financial institutions experienced 1,172 attempted cyber attacks on average, per week […]
