Joint Statement on Cyber Security in the Financial System

The shift of the public to the online platform for financial transactions grew in popularity because of modern technology and was further accelerated by the COVID-19 pandemic.

Unfortunately, this shift gave rise to heightened activity by cyber criminals. As reported by Cybersecurity Ventures, the impact of cybercrime is expected to reach US$6 trillion in 2021 and rise to US$10.5 trillion annually by 2025.