Banks confident on cybersecurity but lack real-world testing

Bank executives are confident about their cybersecurity strategy, yet a lack of comprehensive, practical testing is leaving gaps in their defense, according to a new report from Accenture (ACN)

The report, Building Confidence: Solving Banking’s Cybersecurity Conundrum, is based on a global survey of 275 senior security executives across the banking and capital markets sectors. It found that 78 percent of executives surveyed expressed confidence in their overall cybersecurity strategy, with more than half the respondents indicating high levels of comfort in their ability to identify the cause of a breach, measure the impact of a breach and manage the financial risk due to a cybersecurity event (cited 51 percent, 51 percent and 50 percent, respectively).

However, the analysis also points to ongoing security challenges for banks. For example, in addition to the many phishing, malware and penetration attacks that banks around the world receive each day, on average, respondents reported that their banks had experienced 85 serious attempted cyber breaches each year. Of these, about one third (36 percent) were successful, that is, at least some information was obtained through the breach. In these instances, it took 59 percent of banks several months to detect breaches that occurred.

Additionally, nearly half (48 percent) of respondents cited internal breaches as having the greatest cybersecurity impact and 52 percent indicated a lack of confidence in their organization’s ability to detect a breach through internal monitoring.

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