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Most Financial Execs See Cybersecurity Costs Rising in 2021

With the mass migration to remote work at many companies, a majority of finance leaders say they expect cybersecurity costs to rise next year, according to Bloomberg. The Deloitte survey specifically found that 64 percent of executives at financial firms around the world expect costs to rise, though it is unknown by how much. Regardless of the figure, though, it will be on top of the 15 percent increase seen this year, which has translated into roughly $1 billion extra devoted to cybersecurity at each of the largest U.S. banks.

Certified fraud examiners, around September, reported seeing a marked rise in occurrences of fraud during the pandemic era. Of the 2,096 fraud examiners surveyed in July, 77 percent have seen an uptick in fraud, and 92 percent expect fraud incidents to increase over the next 12 months. Of those who observed higher levels of fraud, 34 percent said it was a significant increase while 43 percent said it was a slight one.