KS SPEND ON IT SECURITY
IS 3X HIGHER THAN NON-
NANCIAL ORGANIZATIONS
Financial institutions are under pressure to ramp up
security, with trends such as the increased take-up
of mobile banking putting banks’ IT infrastructure
defenses at growing risk of cyber-attack. Increasingly,
customers are playing an important role in highlighting
security incidents, with a quarter (24%) of financial
institutions saying that some of the threats they faced
in 2016 were identified and reported to them by a
customer.
A
ccording to the Financial Institutions
Security Risks research from Kaspersky
Lab and B2B International, security
investment is a high priority for banks and financial
institutions. Suffering from attacks both on their
own infrastructure and on their customers, retail
banks spend three times as much on IT security
as comparable sized non-financial institutions.
Moreover, 64% of banks admit that they will
invest in improving their IT security regardless
of the return-on-investment, to meet the
growing demands of government regulators, top
management and even their customers.
Despite banks putting serious efforts and budgets
into safeguarding their perimeters against known
and unknown cyberthreats, protecting the breadth
of IT infrastructure that now exists from traditional
to specialized, ATMs and Point-of-Sale terminals has
proved difficult. The vast and ever-changing threat
landscape, coupled with the challenge of improving
the security habits of customers, has provided
fraudsters with ever more points of vulnerability to
exploit.
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