Dubai: The financial sector is witnessing a rapid digital transformation, characterized by greater efficiency, intelligence, and connectivity. This development brings numerous benefits, including faster operational processes and the delivery of scalable, customized customer experiences. However, it is also accompanied by certain cybersecurity risks. While this sum may seem large, it pales in comparison to the cost of a major security incident, estimated at around $3.2 million—a figure equivalent to double the annual cybersecurity budget. According to a report by Kaspersky, 'The IT Economics for 2024', institutions in the Banking, Financial Services, and Insurance (BFSI) sector allocate an annual cybersecurity budget of approximately $1.2 million.
