The financial services industry remains an attractive target for cyber criminals and was, in fact, the most attacked industry in 2016. Hacking groups that target financial institutions are now focusing more on financial gain rather than digital sabotage with account takeovers, data breaches and targeted malware attacks.
It’s important to recognize that some of the very conveniences that financial firms now routinely offer their customers, including automated teller machines, credit cards and mobile banking apps, have introduced a level of accessibility that goes a long way toward making financial systems highly vulnerable to cyberattacks. As you would expect, customer loyalty is not preserved when a financial institution is breached.
Originally posted 2017-05-09 06:58:47.