The recent surge of cyberattacks — including ransomware — is an enormous concern for all organizations, but especially for financial institutions, whose data is particularly sensitive and valuable to cybercriminals.
CSI’s 2021 Consumer Cybersecurity Poll Executive Report revealed that nearly half of Americans (48%) would leave their financial institution if it suffered a data breach. IBM reported that the average total cost of a breach in the financial services industry was $5.85 million in 2020. To avoid the financial and reputational pitfalls of a breach resulting from a cyberattack, institutions should take note and proactively strengthen their defenses.