Secure external collaboration is becoming essential for banks as cyberthreats grow more frequent and sophisticated. Financial institutions face major risks from ransomware, cloud-based attacks, social engineering, and supply chain breaches, with banks being 300 times more likely to be targeted than other industries. Data exposure remains high, with 41 percent of sensitive files left unprotected and an average employee able to access 11 million files. With destructive attacks rising 63 percent from 2021 to 2022 and breach costs climbing, banks must modernize data governance and secure how information is shared beyond their perimeter.

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