In the financial services sector, cyberattacks are becoming increasingly frequent, with AI exacerbating the problem. The author argues that a lack of transparent communication following these breaches is eroding customer trust. Examples like Revolut and Bitget demonstrate that acknowledging incidents, informing affected customers, and detailing mitigation steps can help maintain confidence, even when all details are not yet known. Conversely, silence from service providers leaves clients, who manage substantial assets and have their own reporting obligations, in a difficult position, particularly in newer sectors like decentralized finance that are still building trust. AI
IMPACT AI is increasing the frequency and sophistication of cyberattacks, making transparent communication crucial for trust in financial services.
RANK_REASON The article is an opinion piece by an industry executive discussing best practices for communication after cyber incidents.
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