TECHNOLOGY VS CYBERATTACK
FINTECH
38 safe from all . Beyond that , says Accenture , additional investment in preventing insiders from accessing data or other information was never prioritised . That a market now exists for that data highlights the severity of this issue .
TECHNOLOGY VS CYBERATTACK
Innovative and advanced technologies are not being used to their full potential in cybersecurity applications , Accenture finds . For example , it reports that only one-third of companies are deploying technologies such as machine learning or AI , while only
24 % said they were using cyber analytics and user behaviour analysis to their advantage . The latter figure had actually decreased from 31 % a year previously .
Accenture calls this trend discouraging , noting that it “ suggests financial services firms are struggling to keep up with the rapid pace of new technologies and , as a result , are not making the appropriate investments to increase operations efficiency and reduce risk ”. Because the cyber threat landscape continues to diversify , more focused investment in the right technology can pay dividends . Accordingly ,
FACT BOX
Accenture ’ s three steps to unlocking value in cybersecurity
1 . Prioritise the protection of people-based assets : countering internal threats such as malicious insiders , and a rise in phishing and ransomware attacks
2 . Invest so as to limit business disruption and information loss : this is becoming an increasing concern for businesses worldwide as a result of GDPR and CCPA regulations
3 . Implement technologies that reduce rising costs : this includes automation , security intelligence and advanced analytics to manage the increasing costs of discovering attacks .
Read more from Accenture here .
APRIL 2020