“Cybersecurity risk has been a growing “non-financial” risk for banks over the years, but there is a very real and growing financial impact from cyber incidents. Cyber attacks regarding sensitive client data can lead to ransom losses, lost revenue, operational interruptions, increased counter-party and reputational risks and customer attrition. Additional costs include data restoration, investigation and response and regulatory and/or legal fines, some of which can be offset by cyber risk insurance.”

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