The financial industry faces significant cybersecurity challenges due to the increasing sophistication of cyberattacks, such as ransomware, phishing, and social engineering. To mitigate these risks, financial institutions must implement strong preventive measures, including thorough software maintenance, employee education, access controls, biometrics, and multifactor authentication. Regulatory authorities play a critical role in encouraging cybersecurity improvements and monitoring compliance within the industry. In the event of a breach, having a well-defined incident response and recovery plan is crucial for minimizing the impact and maintaining customer trust through transparency and prompt communication.
