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For both businesses and consumers that are banking in the Singaporean and Malaysian markets, it is pretty hard to miss the upsurge in financial scams in the last couple of years. The rise in financial data breaches has been very noticeable throughout the Asia Pacific (APAC) region since 2020, when pandemic-caused stay-at-home orders saw a wide swatch of cybercriminals and fraud perpetrators emerging out of the woodwork and carrying out phishing scams, malware and ransomware attacks to name a few.
New data from Check Point Research points to rising incidents of scams targeting the banking sector globally, with banks “attacked on average 700 times every week during the past year, a 53% year-on-year increase in comparison to previous year”, according to Arthur Ng, the Country Manager, Malaysia, of Check Point Software Technologies.
The Check Point Threat Intelligence Report goes on to point out that all industries and businesses face the specter of cyber risk, but some sectors are more susceptible than others, owing to the fact that they are much more frequently targeted – putting those spaces at much higher risk as more frequent attacks means a much higher likelihood of successful intrusions.
Of all industries, the financial and banking industry “stands out” for its broad attack surface for scams, not to mention the pull for bad actors because of how lucrative a successful scam or breach in this tightly regulated sector could be.
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