By possessing some of the most sophisticated cyber defenses and taking wise cyber precautions, financial institutions are perceived to be more competent when it comes to keeping data safe. Their services make up one of the economy’s most important sectors, making them a primary target for cybercriminals and data breaches. The aftermath of successful cyberattacks is even more costly for financial businesses as, besides the loss of business and reputation, they are also subject to pay financial penalties in the billions due to breaches.