A cybersecurity strategy is primarily a risk management and risk mitigation approach used to ensure policies, procedures and tools are in place and regularly updated to reduce the risk of a cyberattack on the organization.

The prolonged and severe pandemic has brought many risks for banks but one of the biggest is the increase in cyberattacks. From February to April 2020, there was a 238% increase in cyberattacks on the financial sector globally, according to Carbon Black.

The biggest impact of a cyberattack is productivity loss resulting in direct financial loss and damage to the brand.