The discussion on cybersecurity is being given increased importance in the boardroom as cybercrime goes global and data protection comes to the forefront

Losses from cybercrime has increased sharply as ransomware incidents soar, ‘cybercrime as a service’ provides greater access and new threats emerge, forcing banks to implement multilayered and stronger technology enabled IT risk and security frameworks.

Cyber-threats have become increasingly complex, inflicting high monetary and reputational damages to institutions that, despite various measures, are forced to plan “catch up” to the advanced technology of criminals. As regulators expand advisories, the institutions now need stronger multi-layered cyber-resilient initiatives.