This article was originally published by Bank Business News on October 7, 2022
Banks and other financial institutions regularly find themselves the target of systematic cyberattacks. Cybercriminals, employing a vast and ever-evolving range of tactics, are constantly seeking to infiltrate security networks and private banking accounts where they can steal customer information, employee data, and banking funds. IBM’s most recent report on cyber attacks found that the financial industry spends an average of $5.72 million on responding to and recovering from a single data breach.
For a long time, many regional banks believed that their small size would allow them to fly under the radar of cyberattacks. But in recent years, cybercriminals have become much more sophisticated and targeted in their attacks. They also recognize that many small banks have far more security vulnerabilities than larger institutions do, making small banks a prime target for cyberattacks, attacks that are growing in scope and severity.
Read the full article “How Brand Impersonation Can Devastate Small Regional Banks. And What to Do About It” on the Bank Business News website.
