Internet banking, smartphone apps, and rapid payments all necessitate the use of new technology. Increased technological use necessarily expands the attack vector for the industry and provides new vulnerabilities.
The increasing incidence of cyberattacks on financial services firms reflects how this industry has resorted to technology to solve many of its challenges. Many financial organizations rely on big data to grow their market share. Financial organizations may better understand their consumers and attract new ones by tapping into social media, consumer databases, and news feeds.
Our regulators maintain a close eye on cyber occurrences in this industry and are prepared to impose ever-stricter laws and restrictions. Customers demand a seamless, frictionless, and cashless online and mobile app experience. Financial services, like all industries, are affected by a global cybersecurity skills shortage.