The business impact of the COVID-19 pandemic continues to unfold worldwide for the financial services industry. The “new normal” has not only given rise to unprecedented operational challenges, but also provided fertile ground for hackers and threat actors to take advantage of increased vulnerabilities.
In June 2020, the Internet Crime Complaint Center at the FBI reported a 75% rise in daily digital crime since the start of stay-at-home restrictions. These cyber-crimes are not only becoming more frequent, but also more difficult to detect and more complicated to prevent. Financial institutions like banks that run hundreds of sensitive customer-facing applications are at extremely high risk.