Finance

 It’s no surprise that cybercriminals are targeting financial data from the banking and financial sector. In fact, a Clearswift survey in the UK found that more than 70% of financial institutions fell victim to cyberattacks last year. But as institutions and organizations deploy more stringent protocols and protections, some sectors within the industry remain vulnerable. While relatively small in scale, attacks on retirement accounts have enormous stakes. A special report on cyber attacks directed at US 401Ks and retirement plans note that wrongfully removed money from retirement accounts are difficult to recover. This is becoming more of an issue as more people are putting money into their retirement savings. An article on retirement plans notes that IRA contribution limits reached $6,000 in 2019 while allowing catch-up contributions of an additional $1,000 for those 50 and older. With the plans reaching nearly $6 trillion this year, experts estimate that it’ll be increasingly in the middle of criminal crosshairs. Especially as the holders of these accounts are much less likely to be up-to-date on the latest cybersecurity trends and therefore easier targets.