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Honeypots and Deception Are Not Synonymous

The financial services industry is under assault like never before, and at a higher price tag than ever. Financial institutions are 300 times more likely than other companies to be targeted by a cyberattack, a Boston Consulting Group report found. Consequently, they spend an average of .3% of revenue and 10% of their IT budget on cybersecurity.

As FSI firms remain on the lookout for the latest technology to help them ward off attacks, deception is not often on their minds. That’s because security professionals still tend to associate deception with honeypots, which came into use in the 1990s. Honeypots were designed to lure malicious actors into interacting with a fake system, then collect and analyze attacker behavior – not to detect threats. However, deception technology has changed significantly over the years and is worth another look.