Top Four Cyberthreats Challenging The Banking Industry and How to Address Them

While money is the main asset banks are charged to protect, it isn't the only thing about which these institutions must be vigilant. The tremendous costs, risks, and damage to reputation posed by cyberthreats make their networks and digital assets worthy of the same protection. The banking industry has become a prime target for external threats such as credential, phishing, and ransomware attacks. With the average data breach costing organizations more than $4 million, this is an issue for which banks can't afford to be unprepared. While these types of attacks are regular occurrences plaguing all types of organizations, the valuable personal data, credentials, and banking data make the industry a growing target. And as the industry increasingly adopts technology to meet the evolving needs of customers, this target only grows larger. The number of entry points and attack surfaces are exploding with the evolution of contactless banking solutions such as mobile wallets, digital-only banks, and autonomous finance management technology. In this guide, we will explore some of the most prevalent external cyberthreats facing banks and how you can tackle them head-on.