In our newest digest of Accenture’s reporting on cybersecurity, we contemplate the learnings from its Ninth Annual Price of Cybercrime
In a latest article within the April version of FinTech journal, we thought of what the cybersecurity menace panorama for fintechs and the monetary companies sector would appear to be in 2020.
This was based mostly on reporting by Accenture and its 2019 Ninth Annual Price of Cybercrime report, which discovered that monetary companies incurred the best cybercrime prices amongst all industries in 2018.
Accenture discovered a number of key drivers for this elevated menace stage, together with: evolving targets, evolving affect of the crime and evolving methods of the cyber criminals.
Ninth Annual Price of Cybercrime
Accenture’s report thought of many industries and sectors worldwide, together with banking.
It stated that: “As industries evolve and disrupt the present atmosphere, threats are dramatically increasing whereas changing into extra advanced. This requires extra safety innovation to guard firm ecosystems. The following price to our organisations and economies is substantial – and rising.”
It discovered that:
- Banking had the best common annual price of cybercrime by trade in 2018, at $18.37mn.
- The typical variety of safety breaches rose in 2018 to 145, representing an 11% enhance over the earlier yr and a 65% enhance over the earlier 5 years.
- Globally in these industries surveyed, the annual price of cybercrime rose by 12% to $13.0mn in 2018, up from $11.7mn in 2017.
- The time required to resolve the common cybersecurity incident has elevated dramatically – malware by 89%, denial of service by 65% and social engineering assaults by 22%.
- The frequency of some assaults has elevated. Internet-based assaults, for instance, have elevated by 8% whereas malware, botnet and ransomware assaults have additionally been extra common.
Accenture’s three steps to unlocking worth in cybersecurity
In a separate submit concerning the report, Accenture set out a number of the key suggestions following the outcomes of its analysis. There are:
Prioritise the safety of people-based property: countering inner threats similar to malicious insiders, and an increase in phishing and ransomware assaults
Make investments in order to restrict enterprise disruption and knowledge loss: that is changing into an growing concern for companies worldwide because of GDPR and CCPA rules
Implement applied sciences that scale back rising prices: this consists of automation, safety intelligence and superior analytics to handle the growing prices of discovering assaults.
Learn extra from Accenture right here.
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