It is a known fact that banks have always been the most important area when it comes to the cybersecurity enterprise due to their gigantic cash stores and consumer data which has made them a top target for the hackers.
There is a higher threat of financial depletion and a damage of their reputation which has motivated them to be more innovative in the field of cybersecurity. The connecting of banking and cybersecurity is surely a herculean task.
As soon as one weakness is taken care of another one is created. Combining this with the different ways the users would deal with their money and there would ultimately be chaos. Web portals and mobile applications created many risks in security. Third parties were continuously attacked. The big banks were kept on their toes due to the cryptocurrency hacks.
It is the banks responsibility to make sure their customers’ funds are safeguarded from the hackers, but this task would be even more difficult to carry out in the upcoming years.