Today 1/14/2025, according to Financial Times, Robinhood is set to pay biggest fine of more than $100 Million imposed by SEC.
6 days ago, According to Wall Street Journal, Bayview Asset Management Entered Into a $20 Million Settlement Over Cybersecurity Weaknesses.
In 2024, the financial sector experienced a notable increase in the cost of data breaches. According to IBM’s “Cost of a Data Breach Report 2024,” the average expense for financial institutions rose by approximately 3% to $6.08 million, surpassing the global average of $4.88 million.
Given these rising costs, it’s imperative for financial institutions to invest in robust cybersecurity measures. One of the biggest expenses is credit monitoring provided to each affected individual, costing approximately $29 per month and often continuing for two years.