Financial services are at the heart of our global economy and it’s safe to say cybercrime is a major risk for the banking system. Cybersecurity has become a vital investment for the financial sector. In 2019, Jamie Dimon, CEO of J.P. Morgan Chase & Co stated that,
“Cyberattacks may very well be the biggest threat to the U.S. financial system.” This is probably why J.P. Morgan Chase spends nearly $600 million each year to strengthen its cyber defenses and in the face of “a constant stream of attacks.”
Even with J.P. Morgan Chase’s significant cyber spending, they suffered a major data breach in 2013. According to a Forbes
article, the information of 76 million households—approximately 65% of all U.S. households—and 7 million small businesses were compromised. Financial services companies are well aware of the problem and are working hard to combat cybercrime, but huge amounts
of money are still being siphoned off every year by cybercriminals —US$4.2B in 2020 alone, according to the FBI.
Unfortunately, cyberattacks in the financial sector are all too…
