FIVE CYBER SECURITY TRENDS FOR 2020
- Julien Bonnay
Published: 19 August 2020
The need for cybersecurity in the financial services industry has never been greater. Financial Institutions (FIs) have been and will continue to be the subject of cyberattacks by adversaries of all varieties. The old adage “why do you rob banks…. because that’s where the money is” holds in this domain as well. In 2019, 86 percent of breaches were financially motivated, and the records exposed in all breaches increased by 284 percent.
And if that’s not enough for FIs to worry about, consider that the average cost of a breach as disclosed by public firms in 2019 was $116 million. Given the magnitude of this issue, we have listed the top trends we’ve gleaned from our client work over the last year.