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Five ways banks can mitigate a catastrophic cybersecurity event

Over the past few years, financial institutions around the globe have faced more intense cybersecurity threats than ever.

In 2021 alone, ransomware attacks against banks rose by an astonishing 1,318%1. This is at least partly due to the pandemic, which spurred a rapid transition to remote work and accelerated the move towards digital transformation.

As a result of these unplanned initiatives, many banks are now struggling to address the vulnerabilities introduced by a wider attack surface. At the same time, mounting geopolitical uncertainty is putting financial institutions under greater pressure to mitigate against unexpected loss events. This isn’t simply to forestall the increasingly sophisticated cybersecurity attacks made possible by the interconnectivity of systems. It is also in response to more stringent regulations. The US and Europe are now required to take action to minimise customer harm – this includes understanding your critical third-party providers to reduce your concentration risk. Similarly, regulatory trends in Europe, Asia, and North America are urging local and global banks to enhance their enterprise resilience.

To keep pace, most financial institutions are hardening their controls and looking for ways to strengthen their cyber maturity. Despite this, many banks have still to demonstrate adequate risk mitigation against a catastrophic cybersecurity event. Download the PDF to find out more.

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