Cyber criminals have known to make attempts to infiltrate our systems since the early 1980s. Banking and financial data in particular is frequently sought after by cyber-hackers and such looters, thus accounting for highly targeted and sophisticated cyber heists across the globe. The Bangladesh Central Bank robbery where unknown hackers breached its computer systems and got away with $81 mn, while attempting to steal $951 mn from its account at the Federal Reserve Bank of New York, exposed very serious flaws in security and confirmed that our financial infrastructures remain vulnerable in terms of complete security deployment. What follows such a breach is the obvious monetary loss combined with cost of notifying data subjects, investigation and breach control. Involved organizations may also end up facing (potential) law suits and penalties. However, the most severe ramification is the damage caused to the customers' trust, corporate brand and decline in share value.
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