Ncontracts Blog Ransomware Risk Management: Defending Your FI Against Cyber Attacks

Ransomware - a type of malware that encrypts an organization's data or locks them out of their systems - continues to be a significant threat to financial institutions (FIs), wreaking havoc on their business continuity, operations, vendor management program, and finances. Ransomware hit record numbers in Q1 2025, with more than 2,000 victims. The average ransomware payment reached over $500,000 in Q4, a 16% increase from the previous quarter.