Survey: Most banks experienced recent rise in cyberattacks | ABA Banking Journal
A majority of U. S. bank executives said they have seen an increase in the number of cyberattacks on their institutions in the past year and have boosted their cybersecurity budgets as a result, according. . .
A majority of U. S. bank executives said they have seen an increase in the number of cyberattacks on their institutions in the past year and have boosted their cybersecurity budgets as a result, according tothe most recent banking technology surveyby professional services firm KPMG. Roughly three in four executives (76%) said their banks have experienced an increase in cyberattacks, according to the survey. Nearly all respondents (92%) said they have increased their budgets to address cyber risk, with most (84%) having increased their budgets to specifically address risks posed by artificial intelligence. The top emerging threats for banks include AI-introduced vulnerabilities in code (63%), deepfakes (62%), AI bots (57%) and securing agentic technologies (50%), KPMG said. As a result, banks are implementing regular audits (80%), robust security measures (79%) and collaborating with external experts (59%). The survey also found that most respondents (77%) cited technology as a key factor in driving bank mergers and acquisitions. The technology-related objectives deemed most important when evaluating M&A opportunities were acquiring data, analytics or AI capabilities (67%), strengthening cybersecurity or risk capabilities (65%), accelerating core banking platform modernization (46%) and expanding digital or customer experience capabilities (45%). The biggest technology integration risks in M&A include core banking platforms (56%), cybersecurity and identity access management (55%), data architecture and integration (51%), and regulatory or risk technology (50%). In contrast, payments platforms were seen as low risk (4%).