The global spending on financial critical infrastructure security will total US$17.14 billion by the end of 2017, according to ABI Research.
This includes spending on counter measures, transaction, and data security, as well as on policies and procedures, as security teams counter targeted and sophisticated malware from highly organised cyber criminal elements.
Exploit kits, banking Trojans, and botnets are used in combination with social engineering tactics in persistent and highly evolved attacks, observed ABI Research analysts.
The research firm is also predicting that with the increasing digitisation of critical infrastructure, sectors such as energy and healthcare will inevitably become vulnerable to the same threats.
"Banks and other financial institutions are always a step behind, despite deploying some of the most advanced cyber security solutions available on the market," said Michela Menting, cyber security senior analyst, ABI Research.
"The lack of larger-scale cooperation and intelligence sharing in the financial sector is a huge disadvantage in combating cyber threats. While cyber criminals are actively sharing tools and information about vulnerabilities, banks are trying their best to cover up breaches and save their reputation," said Menting.
ABI Research expects financial institutions, merchants, and governments to increase investment in R&D, in collaboration with security vendors, in order to extend their security capabilities beyond the traditional infrastructure to a more pro-active intelligence gathering approach.
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