The costs associated with cyberattacks on the financial sector are rising as organizations face increasingly sophisticated threats.

New research by Kaspersky Lab and B2B International reveals the scale and impact of attacks, with financial firms facing losses of nearly a million dollars ($926,000) on average for each cybersecurity incident they face.

The staggering figure is revealed as part of Financial Institutions Security Risks 2016, a survey of finance professionals highlighting the main security challenges for banks and financial institutions around the world and the financial costs of specific cyberattacks.

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