Cybercriminals are no longer breaking down digital doors. They’re walking straight in with stolen credentials. Identity-based attacks are at an all-time high, targeting weak passwords, misconfigured authentication policies, and unprotected user accounts. The cost of these breaches is devastating, leading to financial losses, compliance violations, and reputational damage.
Cybercriminals are relentless, and banks sit at the top of their target list. Every transaction, customer account, and internal system presents an opportunity for attack. In 2024, 65 percent of financial organizations worldwide reported experiencing a ransomware attack. The cost of breaches is $6.08 million per incident, not just in stolen funds but in regulatory penalties, lost business, and damaged reputations.
