Banking turmoil raises cybersecurity risks, according to CNBC’s Deirdre Bosa.
Cloudflare, a top cybersecurity company, has reported a surge in attacks on the banking sector, with banks such as Silicon Valley Bank, Signature Bank, Credit Suisse, and First Republic being targeted.
Criminals have been posing as banks, offering ways to recover or secure funds or sending messages to customers of vendors that use these banks.
While the banking sector has implemented good protection measures, the risk lies with their largest customers, who could fall victim to scams during times of stress.
Cybersecurity spending is expected to continue to rise, despite a softer economic backdrop.
Silicon Valley Bank’s reorganization has caused uncertainty, but many in the valley still consider it a valuable partner for the tech industry.
Private bankers and other institutions are trying to fill the gap left by the bank’s struggles.