Loss of this data and intellectual property has a major effect on a financial institution's brand reputation and customer loyalty.
Finance is one of the most likely industries to be attacked, thus financial institutions have injected more money in digital security in recent years.
Financial services organizations recognize the changing security landscape and cite avoiding data breaches as their primary mandate, with banking compliance becoming their second most important driver.
The most common attack for financial institutions are ransomware and distributed denial of service attacks (DDoS).
According to Forbes, J.P. Morgan, Bank of America, Citibank and Wells Fargo alone have spent $1.5 billion to battle cyber attacks.