Cyberdefense More Effective, but Don't Get too Confident, Study Warns

Financial services firms are getting better at stopping cyberattacks, but the evolution of cyberattack technology may be outpacing the investment in defenses against those threats, according to a new research study from Accenture.

In a survey of 4,600 enterprise security professionals — 821 of whom worked in financial services companies — the global consulting firm found that even though the volume of cyberattacks has doubled, financial services firms managed to stop 81% of them last year, compared to just 66% in 2016.

Industry executives felt good about their protection efforts, for the most part — 81% said they felt “confidence” or “extreme confidence” in their security protocols, according to Accenture. But that confidence may be overblown, the study suggested.