During the past two years, banks & financial institutions have suffered a lot due to increasing rates of cyber-attacks. If you look at the statistics today, BFSI is the second-most industry with the highest spending. The average cost of $5.72 million /data breach. In Q4 2021, BFSI witnessed 703 cyber-attack attempts/ week. Also, today major financial institutions globally are preparing to increase their overall IT budget on security by 20% to 30% in 2022.