Cyber resilient supply chains are the number one priority for banks this year, writes Jonathan Wood, pictured, CEO of IT firm C2 Cyber.
Despite rising cyber threats across all industries, the risk level in the financial sector is significantly higher. IBM research shows that 23 per cent of cyber attacks are aimed at financial organisations, with a single data breach costing on average US $5.72 million, the second-largest among all sectors.
As cybercriminals perceive banks to be wealthy and more likely to pay out ransoms, they’ve also become a prime target for ransomware attacks. Last year they experienced the highest volume of attacks with a 1,318pc year on year increase. In fact, a top US banking regulator recently cautioned US financial organisations to make sure they have robust policies in place to protect themselves from cyberattacks, due to an uptick in ransomware attacks.
But, while financial organisations scramble to bolster their IT security in response to rising threats, managing risk across the supply chain has never been more important. With attacks increasing fourfold, data breaches across the supply chain are becoming increasingly common and hugely damaging.
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