Attacker Economics: What Financial Services Institutions Need to Know About Cyberattack Costs Vs. Value
As the financial services sector continues its digital transformation, organizations like yours become an increasingly attractive target for cyberattacks. Organized crime rings are targeting the applications of financial institutions with increased sophistication to gain access to valuable information, like credential pairs, to maximize their post-breach monetization opportunities.
The struggle is real. Financial services institutions are hit by cyberattacks 300 times more than companies in other industries.That makes cybersecurity a top priority that requires continuous investment. According to Accenture, banks, capital market firms, and insurers spend a per-firm average of $18.5 million annually to address cybercrime, over 40% more than the average of $13 million per firm across all industries.