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Implementing cyber defence mechanisms, especially for financial institutions, needs to be practised more frequently. While the complete elimination of a security breach can never be guaranteed, Zero Trust for financial services is the ideal mechanism. The UK’s Financial Conduct Authority reported a 50%+ increase in cyber incidents in the financial sector in 2021 when compared to 2020.
While some of these incidents can be linked to system failures and employee errors, it doesn’t mean that the surface area for a cyberattack on a financial institution is smaller.
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