What is a common risk associated with banking IT systems?

Banking IT systems are critical infrastructures that handle sensitive financial data, making them prime targets for cybercriminals. Cybersecurity threats, such as hacking and data breaches, pose significant risks as they can lead to the unauthorized access, theft, or manipulation of sensitive customer and financial information. The potential consequences of such breaches can be severe, including financial loss, reputational damage, and regulatory penalties, highlighting the importance of robust cybersecurity measures in banking.

While issues like demanding user performance, incompatibility with legacy systems, and high operational costs can affect banking IT systems, they do not inherently compromise the security and integrity of the financial data and systems in the same way that cybersecurity threats do. Hence, the focus on cybersecurity is paramount in the context of banking IT systems.