![]() ![]() 42% of the respondents indicated lacking a dedicated cybersecurity or technology risk-management regulation, and 68% said they do not have a specialized risk unit as part of their supervision department. Mounting cyberthreats in the financial industry could in part be explained by the poor defenses put in place by industry players, as well as weak regulatory safeguards.Īccording to a recent survey of 51 countries conducted by the International Monetary Fund (IFM), 56% of the central banks or supervisory authorities polled do not have a national cyber strategy for the financial sector. Australia, Japan and India were found to be the countries with the highest number of web application and API attacks in the region during the period. These types of attacks particularly increased in the Asia-Pacific and Japan region, where they grew by 449%. According to data from Akamai, an American web and Internet security firm, web application and application programming interface (API) attacks against financial services firms grew by 257% in 2022 year-on-year (YoY). Growing cyberthreat activity has also been observed in the financial services industry. Monthly volume of top 10 botnets, Source: 2H 2022 Threat Landscape Report, Fortinet, Feb 2023
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