Introduction: A Cybersecurity Arms Race The financial industry faced a record number of cyberattacks in 2024, with hackers deploying increasingly sophisticated techniques to breach institutions of all sizes. Ransomware, AI-powered fraud, and deepfake scams have become mainstream threats, and in 2025, these challenges are expected to escalate. In 2023 alone, cybercriminals stole over $3.5 billion from financial institutions through digital fraud and ransomware attacks (FBI IC3, 2024). Ransomware...
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