Business Strategy: The Use of Advanced Analytics in Cyberthreat Detection and Prevention, 2016

Business Strategy: The Use of Advanced Analytics in Cyberthreat Detection and Prevention, 2016

  • July 2016 •
  • 13 pages •
  • Report ID: 3966636 •
  • Format: PDF
This IDC Financial Insights report takes a look at the challenges and opportunities that firms face in cyberthreat detection and prevention. A myriad of bad actors including criminals, hacktivists, and nation state-sponsored organizations continue to target financial firms to get funds and sensitive information. IDC Financial Insights recommends that financial firms and market participants invest in advanced analytics and risk-based transaction and identity monitoring to uncover patterns, relationships, and anomalies that could be signs of cyberattacks or cyberthreat attempts.Bill Fearnley, research director, IDC Financial Insights, reports, "Cyberthreats such as ransomware, phishing, stolen credentials, and exfiltration are all threats that are constantly changing. And bad actors are getting more and more aggressive, and financial services firms need to balance improved security with a good experience for their customers. Risk-based analytics and collaborating with other financial firms can help firms of all sizes stay ahead of existing and emerging threats."