Originally Published in American Banker.
This story is the latest entry in Credit Union Journal’s special report on cybersecurity, which has run throughout the month of October.
Got a spare $1.8 million? Institutions that don’t have adequate cybersecurity protections may need that much or more to clean up after a cyberattack.
A report on 2018 cybersecurity incidents from the Identity Theft Resource Center and Generali Global Assistance pegs the average cost of a cybersecurity attack on a financial institution at $1.8 million – and that’s only the up-front cost.
