Increased outsourcing of computer systems to cloud-based companies.Growing dependence on networked technologies.It works almost exclusively with funds, personal credentials, and other sensitive data.įinance firms were rudely exposed for two further big reasons: The finance sector – which includes accounting, investment, insurance, and consulting firms – was a sitting duck. Their spree covered ransomware attacks, data breaches, fraud, bank account theft, money-laundering, terrorist funding, and more. Fraudsters come out of the woodwork,” says Al Pascual, CEO of Breach Clarity, a fraud prevention and detection technology firm. The pandemic proved a fertile learning ground for cyber criminals – thanks to rapidly shifting work and online habits and security breaches. “Dealing with those attacks and their aftermath carries a higher cost for banks and wealth managers than for any other sector,” said their report.
The Boston Consulting Group reports that financial institutions are 300 times more prone to be a cyber-attack target than any other company type. With cyber-crime expected to have cost the global finance sector $6 trillion in 2021, it has good reason to feel on edge about what 2022 will bring.
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