15 of digital-only ‘ challenger banks ’. Digital transformation means new opportunities , greater efficiency and insight into the business ecosystem , but every paradigm shift brings new challenges . According to the Ninth Annual Cost of Cybercrime Study , released in March 2019 by Accenture , the methods , targets and impact of cyber attacks is evolving at an accelerated pace . In 2018 , the report found , the average cost of cybercrime to companies rose by 12 % year on year to US $ 13mn .
“ We appreciate that this is the new world ; things are changing and they ’ re changing very , very quickly ,” says Cory Gould , Chief Information Security Officer ( CISO ) at Canadian Western Bank ( CWB ) Financial Group . “ 20 years ago , we were concerned with things like debit skimming - manual , tactical ways of committing fraud . Now , the proliferation of digitization and the sheer accessibility of financial services remotely and somewhat anonymously is certainly driving the rise of cybercrime .
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