The financial services industry is a high value target for threat actors. Firms in this sector are 300 times more likely to be targeted by a cyberattack and over 50% of these companies are at heightened risk of becoming a victim of ransomware.
Because of the sensitive information held in their networks, financial services organizations have a lot to lose. The International Monetary Fund (IMF) found that cyberattacks are now responsible for up to $100 billion in losses to financial institutions.