Strengthening Financial Security: Insights from the First Cambodia, Fortinet, and Pacific Tech

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Nowadays, cybersecurity threats are evolving at an alarming rate. Ransomware alone is expected to cost businesses a staggering $265 billion annually by 2031, with new attacks occurring every two seconds (Magazine, 2024). Moreover, weak or stolen passwords account for over 80% of data breaches, highlighting the critical need for stronger access management (Passbolt, 2023). Given the increasing risks, financial institutions must adopt robust security measures to safeguard sensitive data and ensure compliance with ever-changing regulations. According to IMF blog website, the financial sector has suffered over 20,000 cyberattacks in the past 20 years, causing a staggering $12 billion in losses.