Financial institutions remain vulnerable to security breaches, says survey


Financial institutions remain vulnerable to security breaches, says survey

Nick Huber

Four in 10 financial institutions worldwide have suffered at least one security breach within the last year, new research has revealed.

Nearly half (47%) of respondents to a survey by professional services firm Deloitte Touche Tohmatsu said that they had increased IT security staff levels over the last year. Eight in 10 firms planned to adopt public key infrastructure (PKI) technology within the next 18 months.

Of the security technologies deployed antivirus technology was the most common (96%), followed by virtual private networks (86%) and intrusion detection systems (85%).

In developed countries security typically accounts for between 6% and 8% of an organisation's IT budget. The majority of firms surveyed had appointed a chief security officer, while 14% reported having more than one CSO.

Despite the layers of security technology marshaled to counter cyber threats, such as hacking and viruses, business confidence in security safeguards remains low. Only 35% of respondents said that they were "somewhat confident" that their organisation was well protected from external threats.

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