The British bank giant HSBC is attacked “all the time” by cyber criminals, according to the chief executive of the company.
The CEO of $ 3 trillion Bank Ian Stuart spoke last month with the legislators of the United Kingdom about the threat, according to one New report In the guardian.
“The amount of money [that] Banks, we will all spend on our systems, is huge today. And it must be. We are attacked all the time. ‘
Allegedly, Stuart said that cyber security is now the biggest costs of HSBC, with the bank that spends hundreds of millions of pounds to prevent hacks.
EY reports that banks expect to use 11% of their IT budgets for cyber security this year, according to the Guardian.
It is not only a British problem: a 2024 study by consumer insights and analysis company JD Power indicated that 29% of American bank customers and 22% of credit card users – at banks such as Wells Fargo, Bank of America and Goldman Sachs – fraudulent activities in the past 12 months.
As the fraud cases increase, JD Power reported that protection against illegal activity was an “important part of overall customer satisfaction, brand loyalty and advocacy” for banks.
The study Says that only 46% of bank customers and 40% of credit card users say they are being asked in the last 90 days to act for fraud prevention measures.
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Featured image: Shutterstock/Art Furnace/Natalia Siiatovskaia