Banking and finance are the industry leaders when it comes to cybersecurity requirements. Banks such as the Bank of America spend over a billion dollars a year on IT and cybersecurity and in the last ten years, banks have spent $100 billion on technology, including technology-focused on security. The industry understands the importance of keeping customers safe and knows that the real cost of not securing financial and private information is not only money but customers’ trust, and this is the first and most important thing any company loses after a data breach. This is a general concern, as proved by the very recent 2022 Cyberthreat Defense Report by the CyberEdge Group, carried out in 17 countries and with 1200 IT decision-makers. According to it, intrusion detection and response are two of the most demanded cybersecurity issues: 38% and 41% of companies utilize a security service provider (MSSP) to manage them. This is not surprising at all because account takeover (ATO), PII harvesting, and credential abuse attacks come as the major concerns for companies after malware. In fact, according to CyberEdge Group, from 19 sectors involved in the report, 86% of companies in banking and finance are expecting the worst cyberattacks in the near future. Understandably, banks have been quick adopters of multi-factor authentication to add barriers against hacking for their identity and access management control methods (IAM).

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