Page 162 - Cyber Defense eMagazine October 2023

As Digital Payments Explode in Popularity,

Cybercriminals are Taking Notice

By Norman Comstock, Managing Director, and Luke Nelson, Managing Director, Cybersecurity
Solutions, UHY Consulting

With $54 trillion in payments flowing through the world’s leading transaction avenues, the payments
space is truly exploding. Moreover, seemingly all stakeholders are buying into the space big time. For
example, traditional banks are moving full speed ahead in fulfilling consumer expectations for instant and
easy digital payments by rolling out new offerings. Policymakers are jumping onboard, since moving
money faster means economies can expand. And merchants, neobanks, and fintechs are following the
money and debuting a slew of new products as well. That said, cybercriminals are also looking to get in
on the act in a big way.

In 2022, more than 60% of global financial institutions with over $5 billion in assets were hit by
cyberattacks as cybercriminals look to compromise the rapidly growing – and lucrative – financial
industry. And because of the rate that the payments sector in particular is evolving, CISOs and their
cybersecurity teams in this space are finding it increasingly difficult to stay one step ahead of bad actors.

Cyber Defense eMagazine – October 2023 Edition 162
Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.