Attacks on online services cost banks over $1.7 million

A cybersecurity incident involving a bank's online banking services costs the organization $1,754,000 on average, around double the price of recovering from a malware incident. This is among the findings of Kaspersky Lab's Financial Institutions Security Risks survey released today, which shows that 61 percent of cybersecurity incidents affecting online banking come with additional costs for the institution targeted. These include data loss, loss of brand or company reputation, confidential information leaks, and more. Recovering from a DDoS attack is also more expensive for banks ($1,172,000) to recover from than non-financial organizations ($952,000). The report shows that when organizations are attacked… [Continue Reading]