Cybersecurity spending
- According to the consulting firm Deloitte, financial institutions spend an average of .3% of revenue and 10% of their IT budget on cybersecurity. That works out to about $2,300 per employee
- According to GlobalData estimates, the global cybersecurity industry in the retail banking sector will grow from $7.9 billion in 2020 to $11.6 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%
Alarming Information
- Recent research revealed that most consumers (67%) expect their bank to foot the bill for successful scams, regardless of the total amount lost. Over half (58%) of those who bank online receive scam attempts via email or SMS at least once per week, and 23% say they have been a cyberattack victim.
- The cost of cyberattacks in the banking industry reached $18.3 million annually per company.
- 8 out of 10 US citizens fear businesses cannot secure their financial information.
- 92% of ATMs are vulnerable to hacks.
- According to a survey of 571 community banks in 37 states conducted by the Conference of State Bank Supervisors, more than 70% of respondents ranked cybersecurity as their top concern.
