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Cybersecurity

The Urgency and Imperative for Financial Institutions to Mitigate Cyber Attacks

The Urgency and Imperative for Financial Institutions to Mitigate Cyber Attacks

While banks and financial firms have long been a core target for malicious online threats, Enterprise Talk notes that the global pandemic has created much more complexity within the Cyber Security threat landscape.

It is estimated, with the increase in fake domains, phishing scams, DDoS attacks, Cyber crime damages will cost the world $6 trillion annually by 2021, with the majority directed towards financial institutions and banks.

The pandemic has only added fuel to the fire. In response, the Financial Conduct Authority called for institutions to pay closer attention to information security and to increase monitoring guard endpoints, information, and critical processes such as network connections.

Many banks and financial organizations have invested millions into their C