Cybersecurity Still an Issue within Banks

A recent Accenture report surveying hundreds of senior banking security executives around the world, Building Confidence: Solving Banking’s Cybersecurity Conundrum, reveals that cybersecurity threats for banks and other financial services institutions remain a pervasive problem despite general bank confidence.

Cyberattacks

  • 78 percent of banking respondents expressed confidence in their cybersecurity protection
  • On average, banks face 85 targeted cyber attacks per year
  • 1 in 3 targeted attacks result in a security breach, marking nearly 3 effective attacks per month
  • A mere 40 percent of banks have a clear cybersecurity chain of command

Investment in Security

  • Only 13 percent of banks would invest in cybersecurity training
  • Accenture also found that banks’ prevalent reliance on compliance to define security foundations can leave them at risk of breaches.

Increased accessibility is a phenomenon that has grown with technological innovation; one negative effect of this development being increased cybersecurity threats. Every bank is different; therefore customized security programs and practices for each bank could help reduce attacks. As the report shows, relying on compliance programs can leave financial institutions exposed because their particular framework differs from that of others.

These findings emphasize the need for consumers to practice extreme caution when managing their financial accounts. It is important to evaluate and consider the unique characteristics of each bank before you entrust them with protecting your money; you need to know the fine print before you sign.

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