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Financial firms have lost close to in the last two decades? $12 billion and suffered from 20,000 cyberattacks Banks. Banks are for the world economy to run smoothly. IT has played a significant role in revolutionizing the banking industry. But it has come with its own set of challenges. A cyberattack could threaten a bank's existence and erode its brand value. Not staying abreast of the latest technologies can also result in decreased customer and employee satisfaction.