Over One-Third of CyberAttacks Against FIs Are Successful

  • Grace Noto
  • April 20, 2017
  • 0

Attackers are able to breach a financial institution’s network in 33% of attacks, despite growing confidence among financial professionals regarding the cybersecurity of these institutions.

78% of senior banking executives expressed a supportive opinion regarding the cybersecurity efforts of their companies, according to the “Building Confidence: Solving Banking’s Cybersecurity Conundrum” report released by Accenture today.

However, on average, FIs experience 85 “serious” security attacks per year, 36% of which were successful, according to the report, which surveyed 275 security professionals in banking across the globe.

Furthermore, 50% of  respondents are confident that the security measures in place at their firms will be able to handle the financial impact and risk created by a breach, this despite the fact that 59% of FIs still take months to detect a breach.

Most FIs are focusing cybersecurity efforts on protecting consumer information, with 93% of respondents stating that their security strategies are achieving that goal.

The full report can be found here.

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