Security News > 2021 > May > Cloud compromise now the biggest cybersecurity issue for financial institutions

More than one year into the pandemic, banks, insurers, and other financial institutions report costly consequences to falling short of protecting their massive data troves from cloud-based attacks and network disruptions.

Biggest cybersecurity issues for financial institutions Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organizations hit hardest at $4.7 million in estimated losses.

Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.

Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.

The threat of cloud compromise for financial institutions.

"This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves," James continued.

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