Banks spending three times more on cyber security

The government, top management and customers are pressuring banks into ramping up security.

Banks and other financial institutions spend three times the amount non-financial organisations are spending on cyber security, a new report by Kaspersky Lab has shown.

According to the Financial Institutions Security Risks research from Kaspersky Lab and B2B International, cyber security is a high priority for financial institutions, as they’re coming under increased pressure from the government, top management and customers.

It was said that almost two thirds (64 per cent) of all financial institutions will improve their IT security, regarding of the RoI.

Banks are mostly getting ready for the full takeover of mobile. More than four in ten (42 per cent) of banks predict the overwhelming majority of their customers will be using mobile banking in three years.

At the same time, an average firm is handling almost ten thousand devices.

Phishing seems to be the biggest security threat, with almost half (46 per cent) of banks saying their customers are being attacked on an everyday basis, and 70 per cent of banks reported financial fraud incidents that led to loss of money.

“Combatting the constantly changing threats targeting their own IT infrastructure and customer accounts is an everyday challenge for financial institutions,” commented Veniamin Levtsov, Vice President, Enterprise Business at Kaspersky Lab.

“To put an effective response in place – that protects all points of vulnerability – requires the financial services industry to have several key components: build a highly integrated anti-targeted attacks protection, embrace multi-channel anti-fraud security and get actionable intelligence on evolving threats.”

Source: https://www.itproportal.com/news/banks-spending-three-times-more-on-cyber-security/

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