UK banks are failing to protect confidential customer data used for software development and testing purposes,...
according to research.
The survey of 437 senior IT professionals in the financial services industry by analytics supplier Informatica says that UK banks use customer information to make up 85% of the data used for software development and testing of web portals and applications during the initial production stage.
But 43% of IT professionals say their organisation lacks processes for protecting customer data. This risk is increased for over half of companies outsourcing development of software applications, where confidential customer data is shared with third parties without appropriate safeguards, such as data masking.
Informatica believe this puts millions of bank customers at risk of personal data loss and theft.
"It is imperative that financial organisations take greater ownership of the data they house by putting people with the right skills and motivations in control," said John Poulter, senior vice president at Informatica.
"Banks need to do all they can do to ensure their customer data is protected and safe, no matter where that data resides: in a datacentre on-site or in the cloud."
Informatica says UK banks lack governance and risk management over data protection, with 27% of those polled saying no single department has responsibility for protecting data.