The major factors which make cybersecurity crucial for the banking sector are,
•Reputational Damage
Data breaches lead to loss of customers, credibility and trust in the marketplace.
•Financial loss
Losing funds in the bank account can be very stressful for any customer. Every bank needs a line of defence to protect customer assets.
•Compliance Standards
Failing to follow security protocol standards will lead to FDIC penalties.
•Cryptocurrency threats
The high probability of an account takeover, the untraceable nature of cryptos make them an ideal target for hackers.
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