The rapid digitization of financial services has driven online payment volumes to new heights, with a predicted global total value of $11.55 trillion by 2024.
Despite the benefits of online payments, cybersecurity threats have surged, with financial institutions experiencing the second highest data breach incidents in 2023.
Cyber attacks have cost financial services nearly $2.5 billion from 2020 to 2024, highlighting vulnerabilities amidst growing digital transactions.
Security incidents can severely damage consumer trust in financial institutions, leading to costly remediation efforts and risks of regulatory non-compliance.
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