A message from our sponsor BankOnItUSA:
The Federal Reserve Bank of New York Staff Report states that financial services firms face up to 300 times the cybersecurity risks than other businesses.
Between March and June 2020 ransomware and phishing attacks at banks increased by 520%.
The OCC expects cyber threats to banks, customers and third parties to continue to increase for the foreseeable future.
The FDIC and OCC released a joint statement in 2020 warning banks that “disruptive and destructive attacks against financial institutions have increased in frequency and severity”.
There are multiple reasons why cybersecurity risks are increasing:
- Increased frequency of attacks
- Well-funded & sophisticated adversaries
- Readily available online cyber-attack tools
- Substantial increases in remote work by employees
- Too few skilled cyber security people to meet the job demand
- Greater willingness by adversaries to use more destructive types of attacks