Home Hacking News Most banks are confident but lack real-world testing in their cyber security – Research

Most banks are confident but lack real-world testing in their cyber security – Research

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Nearly 80% of the bank executives are confident about the cyber security strategies they implement, according to a news report from Accenture, but lack ability to test their cyber strategies in a real-world environment. This report is based on a global survey of about 275 senior security executives across the capital markets and banking sectors.

“Most of the cyber security assessment programs, while they are well intentioned, they are highly theoretical and are based on known cyber attack practices. The reality is very different,” said Chris Thompson who is the senior managing director and head of the financial services cyber security and resilience at the Accenture Security. “The Fast-moving, dynamic threats are now creating new challenges every day. Banks should now focus on deploying som practical testing scenarios which could focus inside the perimeter to make the crooks’ job as difficult as possible fo them.”

The banks are facing more cyber security threats each year. The respondents said their bank had nearly 85 “serious” attempted cyber breaches every year, and about one-third of those are successful and malicious actors gained some information.

Cyber attacks on the banks are on rise, so it is more important than ever to be sure that they are well protected. Most banks lack the ability to conduct any real-world testing because there are not many options for the businesses looking to train professionals in the active cyber defence and ensure that they have the tools necessary to respond to an attack.

Some companies, like IBM, are now looking to help solve this problem. During the last fall, IBM Security has announced their plans to invest $200 million in its incident response capabilities, including a new headquarters and a Cyber Range where participants can get hands-on. The cyber range offers real-world experience responding to a cyber attack using live malware, ransomware and other hacking tools to teach experts how to defend against and stop attacks.

source: ciodive

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