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Cyber Threats In The Banking Industry
Cybersecurity breaches continue to grow in both frequency and sophistication for all industries, and the financial sector is particularly vulnerable. In mid-2018, ITSP Magazine reported that financial services firms fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries. Security breaches lead to lost revenue for a banking institutions, interruptions in operations and loss of both reputation and customers. Financial establishments experience threats from a variety of sources led by mobile applications and web portals. Cyber criminals may steal or manipulate valuable user data and or “clone” banking apps in order to use them for nefarious purposes. Here is a closer look at cyber threats in the banking arena.
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