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Cybercriminals are increasingly targeting banks, investment companies, and insurers to steal information and money, obliterate critical infrastructure, disrupt operations, and compromise data-rich financial services institutions (FSIs). The increasing types of cyber risks within these financial institutions have made cyber exposures to rank second only to regulatory/compliance concerns. When it comes to smart city initiatives, the rising IoT adoption has presented a number of vulnerabilities, especially in systems that contain legacy components using old software, which have not been regularly patched.