Ransomware attacks have surged in the financial sector, with 64% of firms reporting at least one incident in 2023, up from 55% in 2022. This increase positions the financial industry as the seventh most targeted sector in the first half of 2023. Exploited vulnerabilities (40%), compromised credentials (23%), and malicious emails (19%) are the primary causes of these attacks.
Financial organizations paid an average of $1.6 million to ransomware attackers in 2023, a dramatic rise from the previous year's $272,655. The total cost of ransomware attacks in the financial sector is expected to reach $898.6 million by the end of 2023. The industry's vulnerability to double-extortion tactics underscores the need for enhanced cybersecurity practices.
View the latest ransomware attacks on the Finance sector:
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