Is your bank account safe? Mass layoffs weaken cybersecurity across finance sector

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Mass layoffs in 2023 have the diminished cybersecurity workforce and opened a door for cybercriminals to attack online banking, trading, investing and digital assets.

"Chances are, if an online banking or trading platform were to suffer from a security breach, their clients may have a hard time continuing to trust that organization with their money and personal information," she continued. "And as the digital revolution continues to expand, risks associated with cybersecurity vulnerabilities will increase.""Last year, $1.4 billion was stolen as crypto investors were hit with hacks and scams," she said.

From banking, trading and investing to the emergence of digital assets like bitcoin and Ethereum, the bulk of even the most basic transactions today are usually done online.What sectors will be impacted most by diminished cybersecurity workforce? According to the survey, most U.S. respondents were from the information technology and services sector at 41% while 14% were from the computer software industries.

Brian Hohmann, mechanic and owner of Accurate Automotive in Burlington, Massachusetts, said most independent shops are capable of competing with dealerships as long as they have the information and software access they need. Meanwhile, respondents from the United Kingdom and Germany showed that 41% were from information technology and services and 16% were from computer software industries.

 

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