The seriousness of the threat cybercrime poses to businesses offering financial services can be illustrated by the cost of a data breach in the financial industry. According to IBM’s Cost of a.. Security incidents in the financial sector are extremely expensive (surpassed only by the healthcare industry), with the average total cost of a data breach reaching $4.35 million in 2022. For efficient data security in the banking industry, you need to ensure proper compliance with banking cybersecurity standards, laws, and regulations, both.
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Open Finance Data Security Standard. OFDSS establishes a common framework for consumer data security, privacy and control that also supports innovation among new and emerging cloud-native, digital finance companies. Improve data security for the digital finance ecosystem. Establish a strong, auditable framework for early stage, cloud-native.. Across the globe, data breaches have increased 10% from 2020 to 2021, and the costs related to them have risen from $3.86 million to $4.24 million on average, according to the IBM report. However.
