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Hold Firm: The State of Cyber Resilience in Banking and Capital Markets

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Accenture’s report finds firms in capital markets and banking could do more to prevent security breaches and strengthen cyber resilience. Read our report to learn how Accenture can help you rise to the top of the class: https://accntu.re/3k8mCN1

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Hold Firm: The State of Cyber Resilience in Banking and Capital Markets

  1. 1. The state of cyber resilience in banking and capital markets HOLDING FIRM THIRD ANNUAL STATE OF CYBER RESILIENCE
  2. 2. The Accenture CyberResilience survey isaglobalstudy thatexplores thestate ofcyberresilience across a broad rangeofindustries and countries. The survey was conducted across 24 industries and 16 countries. 4,644 security executives were surveyed in all, including 457 banking and capital markets executives and 402 insurance executives. Banking and Capital Markets executives surveyed 457 About the Study Source: Third Annual State of Cyber Resilience, Accenture, March 2020.
  3. 3. The State of Cyber Resilience: The basics are stronger Cybersecurity basics are better for all surveyed companies. Banking and capital markets firms have madegreat strides in cybersecurity. direct attacks 11% 27% security breaches 2% 25% security breaches Source: Third Annual State of Cyber Resilience – Banking and Capital Markets, Accenture, March 2020. Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020. direct attacks
  4. 4. But banking and capital markets firms are not recovering quickly enough from successful breaches. 33% Time to detect a breach: 88 percent of cross-industry leaders discover a breach in less than a day, but only one-third of banking and capital markets firms can say the same. 44% Ability to remediate a breach within 15 days: 96 percent of leaders vs. 44 percent of banking and capital markets firms. 32% Breaches with no material effect (a breach notification was required, but little or no damage was experienced: True for 58 percent of leaders, but only 32 percent for banking and capital markets firms. They are lagging in areas such as:
  5. 5. Innovation investment is growing. Banks Capital Market Firms Banks and Capital Markets 86%of banking and capital markets firms spend more than 20 percent of cybersecurity budgets on advanced technologies. 33%of banking institutions spend from 40 to 60 percent of their cybersecurity budget on advanced technologies, up 9 points from three years ago. 47%are spending between 40 and 60 percent of their budget on advanced technology, up from only 17 percent three years ago. Source: Third Annual State of Cyber Resilience – Banking and Capital Markets, Accenture, March 2020. Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020.
  6. 6. But banking and capital market firms worry that they won’t be able to keep pace. Cost rises are unsustainable. 56% of banking and capital markets firms report cost rises in last two years. 65% of banking and capital markets firms say staying ahead of attackers is a constant battle and the cost is unsustainable. Source: Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020.
  7. 7. Investments also need to work harder. For surveyed banks and capital markets firms: Source: Third Annual State of Cyber Resilience – Banking and Capital Markets, Accenture, March 2020. Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020. Low detection rate 59%of breaches are found by the security team. High breach rate 11%of breaches are successful. Longer breach impact 14%of all breaches had an impact lasting < 24 hours. Customer data exposed 38%had more than 500K records exposed in the last year.
  8. 8. Indirect attacks are a growing concern. Ecosystem not fully protected More reliant on third parties There are hidden threats 39%of security breaches at banking and capital markets firms surveyed are indirect attacks that target weak links in the supply chain. 59%of an organization is actively protected by the security program. 71%of surveyed IT professionals expected their companies to become more reliant on third parties over the next few years. Source: Third Annual State of Cyber Resilience – Banking and Capital Markets, Accenture, March 2020. Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020. Vendor Vulnerability: How to Prevent the Security Risk of Third-Party Suppliers, Bomgar, 2016.
  9. 9. A group of leading banking and capital markets firms are doing things differently. 4xbetter at stopping attacks 4xbetter at finding breaches faster 3xbetter at fixing breaches faster 2xbetter at reducing breach impact 15 percent of the banking and capital markets firms have significantly higher levels of cybersecurity performance compared to their industry peers. About About Source: Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020.
  10. 10. Next-Generation Firewall (NGF) Security Orchestration Automation and Response (SOAR) Privileged Access Management (PAM) Cybersecurity leaders choose the right technologies Surveyed leaders know which technologies can help them attain a broader level of cybersecurity effectiveness.
  11. 11. Follow the leaders mastering cybersecurity execution. What makes surveyed leaders effective at cybersecurity? Prioritize speed – stop, identify and fix breaches Scale more – investment in technology Train more – in security- related areas Collaborate more – internal and external Source: Holding Firm – The state of cyber resilience in banking and capital markets, Accenture July 2020.
  12. 12. 12 www.accenture.com/FSstateofcyber Download the StateofCyber Resiliencein Banking& CapitalMarkets. Or contact: Chris Thompson Global Security & Resilience Lead – Financial Services https://www.linkedin.com/in/christ opher-thompson-92528832/ Valerie Abend Managing Director – Accenture Security, Global Banking Security Lead https://www.linkedin.com/in/valerieab end/ Andrea Agnosti Managing Director – Accenture Security, Europe Financial Services Lead https://www.linkedin.com/in/agosti
  13. 13. Copyright © 2020 Accenture. All rights reserved. Holdingfirm:TheStateofCyberResiliencein Banking&CapitalMarkets. About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 505,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.

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