Study Shows Banks Block 80% Of Cyberattacks … But Is That Enough?

In Accenture's 2018 State of Cyber Resilience for Banking & Capital Markets study, the consulting firm reported the rate at which cyber-attacks on banking and capital markets firms are successful dropped from 36 percent in 2017 to 15 percent in 2018. Despite the improvement, one in seven cyber-attacks remain successful – begging the broader question of what else, if anything, banks and capital market firms could be doing to protect themselves from attack?

While banks and capital market firms continue to improve their cybersecurity, so too do cyber criminals continue to improve their methods of attack. For example, while phishing and other more traditional attacks remain a threat, cyber criminals have begun using machine learning/artificial intelligence ("AI") and automatization technologies to develop more sophisticated attacks. Indeed, the first AI-powered cyberattack was detected in 2017. In order to keep up with the cyber criminals, the Accenture report recommends