Cybercrime costs financial services $18.5 million annually with the average cost of a single financial services data breach costing $5.85 million.
Financial services are 300x more likely to be attacked.
The financial sector was one of the most targeted by cybercriminals in 2020 during the Covid-19 pandemic at a time when rapid shifts in working practices left organisations vulnerable. While the financial industry does have unique risks, many of the threat types are shared across organizations of all types. The biggest differentiator is the fact that financial institutions have by far the greater risk when compared with other business types, given the immense financial and reputational harm that would follow a successful attack.
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