US$100 – 300 billion: That’s the estimated losses that financial institutions can potentially incur annually from cyberattacks. Despite the staggering amount, it’s unsurprising — over the past three years, several banks suffered $87 million in combined losses from attacks that compromised their SWIFT (Society for Worldwide Interbank Financial Telecommunication)infrastructures. That’s just the tip of the iceberg: A single cybercriminal group siphoned $1.2 billion from over 100 financial institutions in 40 countries before its leader was arrested in 2018.
Cyberattacks can undermine the integrity of a financial organization’s underlying infrastructures as well as the systems that drive its operations. The past two years showed this, with attacks that were more persistent, elaborate, and far-reaching. Attackers are seeking low-hanging fruits, fueled by previous high-profile attacks, heightened consumer awarenesson breaches, and constantly improving security mechanisms protecting sensitive credentials.
Source: Trend Micro