Insurance companies and banks have successfully prevented eight in ten cyber attacks on their organisations this year, up from approximately two in three over 2017.
That is according to a report from consultancy firm Accenture, which shows that the vast majority of financial services companies worldwide are confident in their security protocols.
However, it was also found that over 40% of cyber breaches went undetected for more than a week this year, while a further 9% went unnoticed for at least a month.
Given the critical need to identify breaches within days or even hours to contain the damage, Accenture said the findings suggest executives may be overconfident in their security capabilities.
“Financial services firms are converging to a level of mastery when it comes to the security status quo, including their cyber resilience and response readiness,” Accenture Security financial services lead, Chris Thompson, said.
“But as business technology evolves, so too must cyber security. The technologies that banks and insurers are embracing will create new security risks, especially as cyber attacks evolve in sophistication.”
The research also shows that more than a third of banks and insurers hold their business partners to lower cyber security standards than they do for their own company, potentially leaving themselves vulnerable to outside security risks.
In addition, it was found that just two in five are investing in new technologies for cyber defences, despite most executives admitting they are essential to keeping their organisations secure.
Moreover, the research shows that just 18% of banks and insurers have at least doubled their cyber security spending over the last three years, with only 30% planning to do so in the next three.
“Cyber risks are moving beyond traditional enterprise boundaries as financial services becomes rapidly digitised and as open banking and third-party data sharing change how business gets done,” Thompson continued.
“Artificial intelligence, machine learning and robotic process automation can provide a consistent way to monitor for and combat these threats, but only if firms are willing to invest in them.”
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