Cybersecurity: What Lenders Need to Know

Business disaster is only a click away. Cyberattacks are becoming an epidemic affecting all businesses. A single mishap can critically impair business operations or even shut down operations entirely resulting in catastrophic financial and reputational damage. 

Cyberattacks have been steadily increasing as well as getting more sophisticated and the challenge for companies to thwart these attackers continues to evolve. Business exposure has increased with more of the labor force working remotely, creating more entry points for intruders to exploit systems and get access to a company’s information and system resources.

According to the FBI Internet Crime Report 20221, the potential loss has grown from $6.9 billion in 2021 to more than $10.2 billion in 2022. And while ransomware incidents have decreased, many attacks go unreported. 

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