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Financial institutions news from around the web: January 23 – 27, 2023

Written on Jan 23, 2023

Ransomware attacks are occurring with more significant financial impacts and greater frequency. Financial institutions are one of the most attractive ransomware targets. In a recent survey, 55% of financial service firms were victims of at least one ransomware attack in 2021—a 62% rise in just one year. 

Many community-based financial institutions’ risk management tools consist of a disjointed collection of point solutions and siloed risk management functions. As the lines begin to blur between different types of risk, this approach to fraud and compliance risk management may result in missed vulnerabilities. 

Amid unprecedented levels of global volatility and uncertainty, cybersecurity has risen to the top of the list of near-term risks for banks around the world, according to the latest EY and Institute of International Finance bank risk management survey. 

Financial regulators in Japan have urged global regulators to treat crypto the same way as they do banking, calling for tougher rules for the sector.