Financial institutions accelerated the implementation of online services during the pandemic, aiming to simplify customers’ access to their bank accounts. Unfortunately, they also simplified cybercriminals’ attack vectors. Financial institutions can employ a series of cybersecurity tools to mitigate the increased risk of cyber fraud.
Companies lack basic cybersecurity practices to combat ransomware
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Axio’s 2021 State of Ransomware Preparedness report reveals that organizations are not equipped to defend against ransomware due to deficiencies in implementing and sustaining basic cybersecurity practices, including managing privileged administrator credentials and ensuring visibility of supply chain risk.