Banks complacent over IT security, report warns

Nine in 10 UK financial firms have basic IT security flaws, leaving them wide open to hackers, a new report claims.

Nine in 10 UK financial firms have basic IT security flaws, leaving them wide open to hackers, a new report claims.

Despite being one of heaviest investors in technology industry sector, 94% of financial firms tested in a cross-industry report by NTA monitor had basic security flaws in their network safeguards.


Nearly one-third (31%) of financial firms tested were found to have at least 10 security flaws, making them more vulnerable to hackers and a resulting disruption of online services. And in other key areas of security financial firms did not fare any better - the firewalls of half of those tested had security holes.


But despite these areas of concern the financial sector, alongside the IT and telecommunications sectors, emerged at the top of the security league when judged overall, compared with other market sectors.


Other sectors – government, legal, manufacturing and services – lagged behind the financial and IT industries in the security report, based on an analysis of more than 600 NTA monitor clients in a range of industries.


“Although the financial sector performed among the best overall, on closer analysis we found that excellent performance in some areas masked worrying gaps in others,” said Roy Hills, technical director at NTA Monitor.


“Tighter security across all areas needs to be made a priority today and the holes plugged quickly, or this could become a turkey shoot for hackers.”



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