The Ponemon Institute’s “2017 Cost of Data Breach Study” reported that the global average cost of a data breach is $3.62 million. When combined with ACL’s tally of $6.3 billion in annual fraud losses, these statistics paint a bleak picture. Threats leading to such staggering numbers include profile hacking, distributed denial-of-service (DDoS), data breaches and ransomware.

Cyberattacks, financial crime and fraud incidents are becoming more targeted, intricate and persistent. While technologies and processes have made advances in risk management, cybersecurity and fraud prevention, a recent IBM Institute for Business Value (IBV) report revealed that 42 percent of banking executives believe that their fraud operations are in need of an overhaul. Another IBV survey found that 61 percent of security leaders are significantly challenged to identify, assess and prioritize threats, due to insufficient resources.

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