CYBERSECURITY : MAN VS MACHINE
it sets out five key steps for financial services companies to take to begin corrective action :
● Increase defenses against webbased attacks
● Focus on reducing ransomware occurrences
● Invest to prevent disruption to business
● Increase the deployment of technologies that have a high return on investment , such as automation , machine learning and AI
● Manage the use of ‘ less effective ’ technologies liek enterprise governance , advanced perimeter control and the extensive use of data loss prevention .
CYBERSECURITY : MAN VS MACHINE
Despite malicious insider attacks growing at pace , Accenture reveals in its Cybercrime in Banking and Capital Markets : Technology and Human Vulnerabilities blog that spending on the ‘ human layer ’ of cybersecurity is insufficient — with only 9 % of total budget being spent upon it ( network and application layers have the most investment at 37 % and 27 % respectively ). The largest proportion of investment is being made in security intelligence and threat sharing ( 79 %), although Accenture expects technologies such as AI and machine learning to take precedence in the future due to their delivering the highest cost savings for enterprises .
The blog also calculates that , over the next five years $ 347bn of economic value is at risk for the banking sector and $ 47bn for the capital markets . This can be prevented by measures such as greater employee education around the threats that exist , a focus on privileged access management to ensure no single employee can compromise security , and the use of technologies such as advanced analytics and automation .
39 www . fintechmagazine . com