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Malicious insider attacks on financial services!

financial services

It is known that the sector The most affected by cyberattacks is the business sector, and in particular financial services. The cost of dealing with these attacks, as well as their cost of constraint, is definitely greater in such businesses and growing.

financial services

The report, entitled "Unlocking the Value of Improved Cybersecurity Protection," explores the costs faced by businesses when responding to cyberattacks and implements a possible costing methodology that permits annual comparisons. The conclusion was that the average cost of financial services companies worldwide per year increased to 18,5 million dollars. It is worth mentioning that this is the highest cost of all the sectors included in the research. This research concerns the direct and not the total cost that a company will have from the beginning to the rehabilitation period.

The truth is that attacks (malicious insider attacks) is certainly the most costly type of attack to solve. The cost is 243.000 dollars per attack, and requires a longer resolution period of about 55,1 days. In similar cases of attacks ransomware and web-based are required about 33,8 and 25,9 days respectively.

financial services

The report notes that only 34% of enterprises develop automation, artificial intelligence (AI) and machine learning to help prevent cyberattacks. This is particularly daunting, because the study states that, when fully developed, technologies they actually save total cost. Similarly, only 24% of companies make extensive use of cyber analytics and behavior / user analytics. This suggests that financial services firms are struggling to keep up with the fast pace of new technologies and therefore difficult for them to do investments which increase their operational efficiency.

A study carried out by the institute Ponemon for Accenture gathered date by 2.647 11 country interviews. Data from the financial services industry were gathered from 537 interviews and from a sample of 72 companies in Australia, Brazil, Canada, France, Germany, Italy, Japan, Singapore, Spain, the United Kingdom and the United States. The study covers the entire year of 2018 and includes the total cost a company will earn from the detection of the attack to the full recovery that occurs after all the required procedures have been completed.

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