It has forced firms to incorporate cyber risk management into their activities, rather than leaving it as a reactive technical fix. The pandemic-induced cyber-crime splurge has, however, had one silver lining. Otherwise, there will be a mass extinction of organizations, which will threaten the post-COVID-19 economic recovery,” said its Chief Analyst Matthew Ball. “Cybersecurity must be front and centre of digital plans. Its analysis shows that 30 billion data records were stolen in 2020 – more than in all the previous 15 years put together. The scale of the challenge is highlighted by Canalys, a tech market analysis firm. It was more than 40% higher than the average cost of $13 million per firm across all industries. It shows that the finance sector took the most punishing toll of all industries in its study. The consequence for banks and finance firms? Cyber security is no longer a mere business imperative it’s now a growth determinant.Īccenture underlines the challenge in its report, “Unlocking the Value of Improved Cybersecurity Protection”. Increased outsourcing of computer systems to cloud-based companies.Growing dependence on networked technologies.It works almost exclusively with funds, personal credentials, and other sensitive data.įinance firms were rudely exposed for two further big reasons: The finance sector – which includes accounting, investment, insurance, and consulting firms – was a sitting duck. Their spree covered ransomware attacks, data breaches, fraud, bank account theft, money-laundering, terrorist funding, and more. Fraudsters come out of the woodwork,” says Al Pascual, CEO of Breach Clarity, a fraud prevention and detection technology firm. The pandemic proved a fertile learning ground for cyber criminals – thanks to rapidly shifting work and online habits and security breaches.
“Dealing with those attacks and their aftermath carries a higher cost for banks and wealth managers than for any other sector,” said their report. The Boston Consulting Group reports that financial institutions are 300 times more prone to be a cyber-attack target than any other company type.
With cyber-crime expected to have cost the global finance sector $6 trillion in 2021, it has good reason to feel on edge about what 2022 will bring.
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