Cybersecurity is vital in the financial services industry to protect sensitive personal and financial data, ensure regulatory compliance, and maintain customer trust. The complexity of modern technologies, global operations, and third-party relationships amplifies the need for robust security measures.

In 2023, the cost of a data breach soared to a record-breaking USD 4.45 million, marking a 15.3% surge from the 2020 price tag of USD 3.86 million. Within the financial industry, the impact was even more staggering, with the average cost of a single breach reaching an astounding USD 5.9 million.