June 14, 2024
According to a recent report from a cybersecurity research group, the danger of cyber-attacks is increasing as their number and sophistication grow. An article titled ‘Cyber Attacks: The Escalating Menace’ notes that they are now not just irritants but actual challenges facing state safety and the sustainability of an economy.
According to the report, cyber-attacks have risen by more than twice at the onset of the COVID-19 pandemic, with the financial sector being the most affected. One billion dollar fines were lost due to two years of data leakage from Equifax company that made it become noted through vast amounts of money they have paid as penalties.
On the other hand, these increasingly surpassing risks are contributed by cyber occurrences that also run into billions, like in the above example.The report underscores that financial institutions are acutely susceptible to cyber risk owing to the immense volume of confidential data and transactions that pass through their systems.
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In addition, it points out that almost twenty percent of all cyberattacks target financial institutions exclusively; hence, banks remain the most vulnerable among others. The increasing dependence of banks on third-party IT service providers may lead to systemic shocks in the sector as a whole.
The report says that if we don’t want bad things happening again, the government has to be involved. In other words, companies can’t do everything independently because something that goes wrong in one place could quickly spread to another without anyone realizing what is happening until it already has.
They want people who are in charge to create a cybersecurity plan for our whole country that works together with enough police who are strong enough to enforce laws about money just in case someone needs some help.
