The banking industry faces several challenges due to recent economic, geopolitical and regulatory developments. KPMG has identified the top 10 issues facing banks in 2022 and beyond, and in this article we examine the topic of cyber.
A persistent and sophisticated threat
Regulators have called cyber risk the foremost risk to financial stability – and the Administration has called it a persistent and increasingly sophisticated threat that weighs heavily on governments and financial services companies alike. Given the highly interconnected nature of the banking sector and its dependencies on critical third-party service providers, all participants in the financial system must implement risk mitigation and resilience initiatives relative to both frequency and impact of cyber threats. Current or emerging threats include malware (e.g. ransomware), supply chain risk, and sophisticated distributed denial of service attacks.