Despite more than 70% of banks and insurers having experienced a 32% rise in cyber crime during the Covid-19 pandemic, financial institutions (FIs) have slashed their IT security, cyber crime, fraud and risk department budgets by 27% in the past 12 months, and 43% of FIs say implementing remote working models has made them more insecure.
That is according to new research released by BAE Systems’ cyber security wing, BAE Systems Applied Intelligence, which found the pandemic has left gaping holes in FI networks.
