Why A Holistic Approach to Cybersecurity in the Banking Industry Is Beneficial In the growing digital landscape, cyberattacks have become more prevalent, sophisticated, and damaging. For businesses relying on a strong working network, the cost of a cyberattack has never been higher. In 2021, IBM estimated that organizations spend more than $4 million on average for each ransomware attack or security breach. One of the sectors most affected is the banking sector. Due to financial institutions owning private, proprietary information and data linked to consumer finances, they are a prime target for cybersecurity attacks. The top threats currently impacting the financial sector are ransomware, phishing, and Distributed Denial of Service (DDoS) attacks. According to a study from Kenneth Research: • There were more than 105 data breaches in the banking/credit/ financial sector in the U.S. in 2019. • From 2020-2021, the finance sector witnessed over 225 incidents of web application attacks. • Phishing attacks in the finance sector during the first quarter of 2022 were more than 23%. Faced with multiple threats, organizations – especially those in the banking industry – need to rethink their cybersecurity to ensure they can collect, correlate, and analyze security information from all IT systems and networks, enabling rapid detection and remediation. By Jim Mundy, Segra wvbankers.org 16 West Virginia Banker
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