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Recent data from Stocklytics.com reveals a staggering 91% rise in cyber attacks on banks over the past four years.
RELATED: Nigerian banks see sharp decline in fraud losses to N468B in Q1 2024
The surge in attacks highlights the gaps in cybersecurity protocols and raises questions on whether people can trust financial firms for asset security.
The site’s financial analyst, Edith Reads, comments:
Cyber attacks are a key operational risk that could threaten financial institutions’ operational resilience and adversely affect overall macro-financial stability. The increasing reliance on digital platforms for financial transactions has expanded the attack surface for cybercriminals.
In 2021, only 34% of financial institutions reported a global ransomware attack on their system. Since then, the number of affected banks has augmented perilously, with about 65% of financial institutions citing attacks in 2024.
The full story and statistics can be found here: Cyber Attacks on Banks Skyrocket by 91% in Just Four Years
