How Brand Impersonation Can Devastate Small Regional Banks. And What to Do About It.

Banks and other financial institutions regularly find themselves the target of systematic cyberattacks. Cybercriminals, employing a vast and ever-evolving range of tactics, are constantly seeking to infiltrate security networks and private banking accounts where they can steal customer information, employee data, and banking funds. IBM?s most recent report on cyber attacks found that the financial industry spends an average of $5.72 million on responding to and recovering from a single data breach. Naturally, these high costs put a lot of strain on banks that must allocate more of their IT budget toward cybersecurity. One February 2022