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Friday June 11, 05:08
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Doubling Of Security Breaches In Financial Sector
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Security breaches at the world’s major financial institutions doubled in 2003, with 83 per cent of those surveyed by Deloitte & Touche acknowledging that their systems had been compromised in 2003, versus 39 per cent in 2002. Forty per cent of the firms surveyed, including one-quarter of the world’s top 10 banks, about a third of the top 100 financial services firms and 10 per cent of the 100 biggest insurance firms, had lost financially to the attacks. Despite this, 25 per cent of respondents reported their IT security budgets to have remained flat in the past year, while the budgets of almost 10 per cent were actually cut.
US-based financial firms had fewer security breaches than their peers in other world regions, due to a tendency to take security more seriously, and new regulatory requirements such as Sarbanes-Oxley. Up to 64 per cent increased their security budgets in 2003-04, the highest percentage in the survey, and just 25 per cent reported their IT systems to have been compromised, the lowest recorded by Deloitte. One-third of respondents also said their IT security resources were not used effectively, while only one-quarter believed their business and security technology strategies were aligned for protection against newer threats such as ’phishing’.
Fifty-nine per cent of firms surveyed by Deloitte indicated security to be a key part of their strategy, even if only 10 per cent reported their management teams to perceive security as a critical component of doing business in today’s climate. Two-thirds (67 per cent) of survey respondents had introduced a program for managing customer privacy, versus 56 per cent in 2003, while most (69 per cent) felt senior management was committed to addressing regulatory requirements. Deloitte concluded that IT professionals need to strike a balance between facilitating growth and profitability, while maintaining security levels and supporting identity management.
(TechWeb)
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