FINTECH
ACCENTURE
Ninth Annual Cost of Cybercrime : key findings Accenture ’ s report takes in many industries and sectors worldwide , including banking . It found that :
● Banking had the highest average annual cost of cybercrime by industry in 2018 , at $ 18.37mn .
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● The average number of security breaches rose in 2018 to 145 , representing an 11 % increase over the previous year and a 65 % increase over the previous five years .
● Globally in those industries surveyed , the annual cost of cybercrime rose by 12 % to $ 13.0mn in 2018 , up from $ 11.7mn in 2017 .
● The time required to resolve the average cybersecurity incident has increased dramatically — malware by 89 %, denial of service by 65 % and social engineering attacks by 22 %.
● The frequency of some attacks has increased . Web-based attacks , for example , have increased by 8 % while malware , botnet and ransomware attacks have also been more regular .
Apache Struts vulnerability — Apache Struts being a framework on one of the company ’ s US-based web applications . It saw the names , social security numbers , dates of birth and other information being disclosed and resulted in several members of Equifax ’ s C-suite stepping down .
APRIL 2020