The pace of digital transformation across the financial landscape continues to quicken, but how do banks and fintechs stay ahead of the threat?
According to Accenture’s 2019 Ninth Annual Cost of Cybercrime report, financial services incurred the highest cybercrime costs among all industries studied in 2018.
This report revealed several statistics, including that:
In such an environment the digital or cyber threat proposition evolves rapidly, making it essential to maintain the highest standards of technology and preparedness, and keep up to date with the impact of cyber trends.
In its research, Accenture explains: “As industries evolve and disrupt the current environment, threats are dramatically expanding while becoming more complex."
It adds: "This requires more security innovation to protect company ecosystems. The subsequent cost to our organisations and economies is substantial - and growing.”
Across all industries, Accenture found that information theft is the most expensive and fastest rising consequence of cybercrime. However, it noted that there are several drivers behind the evolving global cybersecurity threat for all sectors:
To combat this evolving threat landscape there are several steps that financial institutions should take, says Accenture. These are:
For more information, read Accenture's 2019 Ninth Annual Cost of Cybercrime.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
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