From the Report, “A common refrain from community banks and credit unions is that since they are not experiencing a fraud attack at the moment, they don’t see any need to invest in fraud protection. Now apply the same logic elsewhere – it follows then, that purchasing home insurance doesn’t make sense, as my house isn’t currently on fire. This kind of reasoning is short-sighted and leaves banks and their customers vulnerable to fraud–related financial losses. It also ignores a growing, if unfortunate, precedent – that losses from cyberattacks number in the billions of dollars annually (one report put it as high as $445 billion), and it continues to rise every year.”
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