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How banks can build resilience around cyber risk

When it comes to cyber risk, digital technologies are part of the problem, but also part of the solution.

OVERVIEW

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Business resilience in the face of cyber risk

Failures and hostile cyber actions have profound impacts on enterprise performance—even enterprise viability. Yet, combined properly, the same technologies that are driving the digital enterprise can enable resilience at a level not possible before. Accenture Finance & Risk and Accenture Strategy research on the intersection of business and technology has provided some insight into what it takes for Banking executives to be prepared.

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A MATTER OF “WHEN” NOT “IF”

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67% of Banking executives surveyed by Accenture said that their organizations experience significant attacks that test the resilience of their IT systems on a daily or weekly basis.

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65% of risk management Banking executives surveyed by Accenture expect cyber risk to become more severe.

KNOW THY WEAKNESSES

Savvy enterprises are self-aware, with a realistic sense of their own weak spots—in both information technology (IT) and operational technology (OT).

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Only 10% of Banking executives surveyed by Accenture stated that they proactively run inward-directed attacks and intentional failures to test their systems on a continuous basis.

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55% of surveyed risk management Banking executives have recruited cyber risk experts in the past two years and 39% plan to do so in the next two years.

PROTECTION VS. ENABLEMENT

In a perfect world, organizations would have unlimited resources to institute iron-clad security measures while also pursing the business’s growth and innovation agenda.

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However, just 38% of Banking executives surveyed by Accenture “strongly agree” that balancing spend-to-protect and spend-to-enable is mature and continuously managed in their enterprise.

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Another 47% merely “agree,” signaling that there is still room to improve in this critical area.

RESILIENCE-NOT JUST FOR SYSTEMS

Resilience of the enterprise is not limited to enabling technologies. Just ask the CEO, CIO or other members in the C-suite of any enterprise who has suffered a major data breach.

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Cause for alarm: Of all the Banks that Accenture surveyed, only 40% have a continuity plan that is refreshed as needed. Only 50% map and prioritize security, operational, and failure scenarios.

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And only 40% have produced threat models to existing and planned business operations.

ACTIONS SPEAK LOUDER THAN WORDS

When it comes to resilience, actions speak louder than words

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Embrace a digital ecosystem.

C-suite executives are seeing the advantage of robust digital capabilities and technologies outside the enterprise.

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Manage digitally.

Multi-speed business and multi-speed IT requires real-time orchestration of myriad internal and external services.

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Institutionalize resilience.

Resilience cannot be added after-the-fact or on a sporadic, discretionary basis. It must be part of the fundamental operating model—ingrained at the outset into objectives, strategies, processes, technologies—and even culture.

Sources:

Accenture Strategy surveyed more than 900 executives around the world on a variety of topics related to business resilience, multispeed business and IT, technology led innovation, and the digital agenda, 2015.

Industrial Internet of Things: Unleashing the Potential of Connected Products and Services; The World Economic Forum in collaboration with Accenture, 2015.

Accenture 2015 Global Risk Management Study - Banking respondents.

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