Top 10 cybersecurity risks and threats for the banking sector in 2024
Learn about some of the potential cyber risks and threats that the banking sector may face in 2024 The banking sector faces inherent vulnerabilities to cyber-attacks driven by its heavy reliance on interconnected digital infrastructure and the storage of highly sensitive financial and personal information. Pointing to one key vulnerability is the prevalence of outdated legacy systems still in use, which may lack the latest security features and updates. These systems often have vulnerabilities that cybercriminals can exploit. Moreover, the extensive sharing of financial data among institutions and third-party service providers increases the attack surface. Human factors contribute significantly to the sector's vulnerability, with phishing attacks and social engineering exploiting individuals' unsuspecting behavior. Inadequate cybersecurity awareness and training make employees more susceptible to manipulation. Additionally, the rapid adoption of new technologies, such as mob