There has been a recent increase in the frequency of cyber attacks on the financial industry, accounting for the second most impacted sector of data reported data breaches. These data breaches costed the finance sector $5.9 million. The Federal Reserve Board noted Ransomware-as-a-Service and DDoS attacks as the biggest risks to these institutions. The costs associated with successful cyber attacks can be both short and long term, including ransom payments, investigation fees from experts, crisis management fees, legal expenses, customer compensations, and increased cyber insurance premiums. As malicious actors refine their attacks, institutions should to respond accordingly with enhancing cybersecurity measures, information sharing, and early threat detection.
