FINTECH
What is the cybersecurity threat landscape for fintechs and the financial services sector in 2020 ?
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T he pace of digital transformation across the financial landscape continues to quicken . 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 . According to Accenture ’ s 2019 Ninth Annual Cost of Cybercrime report , financial services incurred the highest cybercrime costs among all industries studied in 2018 .
In this research , Accenture explains : “ As industries evolve and disrupt the current environment , threats are dramatically expanding while becoming more complex . 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 :
● Evolving targets : data is no longer the only target according to Accenture . Rather , companies worldwide are seeing their core
APRIL 2020