For three years, the financial sector faced more cyberattacks than any other industry, according to a report by IBM X-Force Threat Intelligence Index. The financial sector was responsible for nearly one-fifth of all cyberattacks around that period. Furthermore, when compared to other industries, financial services also face the highest costs while dealing with the aftermath of cyberattacks.

The 2019 Accenture report on the cost of cybercrime stated that the average cost of cybercrime per company in financial services was a whopping $18.5 million - much higher than any other vertical. This is a huge financial burden for companies to bear, and it's only getting worse as cybercriminals become more sophisticated. With the right security measures in place, however, financial services companies can protect themselves from these costly attacks.

Read More: https://www.fxstat.com/en/user/profile/CyRAACS-385109/blog/37229375-Common-Threats-to-Cybersecurity-in-Banking-2022