The interconnectivity of digital channels and surge in customers' online interaction has made cyber security a significant risk for the financial sector. New technological trends come with enormous cyber security challenges.
Moreover, the recent COVID19 pandemic has caused a surge in social engineering, phishing, and ransomware attacks in the sector.
Key cybersecurity challenges in the financial and banking sector are:
- Growing adoption of modern technologies
- Increasing use of online and mobile channels for banking and financial needs
- Ongoing risks from remote work