COVID heightening bank vulnerability to cyber attack

The “large-scale shift” to digital banking and remote work off the back of the COVID-19 crisis has heightened the banking sector’s exposure to cyber attack, according to Moody’s.

Over the past few months, banks, like most businesses, have leveraged digital technology to facilitate remote work in response to social distancing measures imposed to curb the spread of COVID-19.

However, according to Moody’s Investors Service, the transition has “increased banks’ vulnerability to cyber attacks”.