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The financial industry has been a frequent and heavy target of cyberattacks. This trend is likely to continue, and the cybersecurity threat remains high in the financial sector. Through a critical analysis of current risks, potential business strategies, and software and hardware strategies, a set of best practices (see Table 1) is presented that will help prevent and mitigate cyberattacks for financial institutions. These guidelines should be used as a practical application for financial organizations and can also serve as a basis for future research.

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