This was originally posted on CU Times.
Cyber warfare is one of the primary tools of the modern global military today. The threat to cybersecurity has soared to new heights with the Russia-Ukraine conflict. Just after the conflict initiated, cyberattacks were observed at an increase of over 800% in a 48-hour period. High alerts have been shared out by the FBI, Department of Homeland Security, and U.S. cybersecurity agencies. These alerts covered threat levels, response, and preparedness.
Security experts have expressed the concern about hacks on the energy and finance industries. The primary sectors to be on alert according to the presidential administration, include banks, power companies, and drugmakers amongst others.
The world is experiencing extraordinary times. Amid a global pandemic, the war in Ukraine has undoubtably disrupted the global balance. It is important to be prepared for the many circumstances and attacks. Financial institutions should consider all aspects of preventative actions from staffing and budgeting to creating an achievable roadmap.
Financial institutions are generally considered ahead of the curve when it comes to their defense against hackers and cyberattacks due to their highly regulated nature. However, as financial institutions continue to shift to online and virtual servicing, their risks continue to heighten.
Top 3 things your financial institution can do...
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