Vertical Markets

IT threats at banks

by Mark Rowe

According to a joint survey by B2B International and IT product firm Kaspersky Lab, an overwhelming majority of respondents stated that a bank’s reputation for protecting against IT threats was an important factor when choosing a partner. However, less than half of financial companies regard loss of trust and reputation as one of the most severe consequences of an IT incident.

The survey results show, says Kaspersky, that many customers are unhappy with the quality of protection provided by their financial partners. Only 53 per cent of respondents believe that their financial partners are doing their best to protect customers’ financial information. At the same time, over the past year almost 41 per cent of financial companies and 48 per cent of e-commerce operations lost financial information due to cybercrime. These cases can damage the relationship between financial organisations and their major customers, according to the IT security product firm, many of whom see information security as a critical factor. The survey found 74 per cent of companies say that they choose a bank based on its cyber-security reputation and even more companies (82 per cent) are willing to consider leaving a bank that suffers a data leak.

In contrast, only 47 per cent of financial companies and 40 per cent of companies working in the e-commerce sector named the loss of reputation and trust among the three most damaging consequences of IT security incidents. Yet the survey also shows that reliably protecting payments means financial institutions retain their loyal customers and increase their income. 53 per cent of the companies in the survey said they were ready to pay more for reliable protection of their financial transactions. Notably, among small businesses that figure accounts for 43 per cent, while 64 per of big companies said that they are prepared to pay more for their financial security.

Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab, said: “In a highly competitive market, financial companies should value every client. Reports of a data leak or customers’ uncertainty about the information security of a bank can disrupt that professional relationship. We advise financial institutions to take extra care of their partners, including installing specialised security solutions on computers and mobile devices.”

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