Business Chief USA July 2019

151
of digital-only ‘challenger banks’. Digital
transformation means new opportunities,
greater efficiency and insight into
the business ecosystem, but every
paradigm shift brings new challenges.
According to the Ninth Annual Cost
of Cybercrime Study, released in
March 2019 by Accenture, the methods,
targets and impact of cyber attacks
is evolving at an accelerated pace.
In 2018, the report found, the average
cost of cybercrime to companies rose
by 12% year on year to US$13mn.
“We appreciate that this is the new
world; things are changing and they’re
changing very, very quickly,” says
Cory Gould, Chief Information Security
Officer (CISO) at Canadian Western
Bank (CWB) Financial Group. “20 years
ago, we were concerned with things
like debit skimming - manual, tactical
ways of committing fraud. Now, the
proliferation of digitization and the
sheer accessibility of financial services
remotely and somewhat anonymously
is certainly driving the rise of cybercrime.
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