05 Mar 2024 | Financial Services | blogs

Financial world on High Alert - Cyber warfare escalates

Cyber warfare intensifies globally, with financial services bearing the brunt in 2023. Attacks included major ransomware breaches like LockBit on BSI and ICBC's ransomware disrupting US Treasury trading. The banking sector faced unprecedented challenges, with 68% of global banks hit by major cyber-attacks and staggering financial losses of $5.9 million per incident. Data breaches soared, doubling the victims globally, and supply chain attacks rose by 78%. To combat this, Jasper Colin Solutions recommends AI-driven due diligence, data-backed research, and technological integration for proactive threat monitoring, risk assessment, predictive analytics, compliance monitoring, secure data encryption, and continuous cybersecurity training.