A recent survey from Stocklytics.com has revealed a staggering 91% rise in cyberattacks on banks over the past four years – highlighting the gaps in cybersecurity protocols and raising questions on whether people can trust financial firms for asset security.
“Cyberattacks are a key operational risk that could threaten financial institutions’ operational resilience and adversely affect overall macro-financial stability,” says Stocklytics.com financial analyst, Edith Reads. “The increasing reliance on digital platforms for financial transactions has expanded the attack surface for cybercriminals.
“In 2021, only 34% of financial institutions reported a global ransomware attack on their system,” Reads continues. “Since then, the number of affected banks has augmented perilously, with about 65% of financial institutions citing attacks in 2024.”