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Financial Institutions Spending on Cybersecurity Higher than Non-Financial Firms

Banks and other financial institutions spend three times the amount non-financial organizations 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.

Suffering from attacks both on their own infrastructure and on their customers, retail banks spend three times as much on IT security as comparably sized non-financial institutions. Moreover, 64% of banks admit that they will invest in improving their IT security regardless of the return-on-investment, in order to meet the growing demands of government regulators, top management, and even their customers.

Despite banks putting serious efforts and budgets into safeguarding their perimeters against known and unknown cyber-threats, protecting the breadth of IT infrastructure that now exists – from traditional to specialized, ATMs and Point-of-Sale terminals – has proved difficult. The vast and ever-changing threat landscape, coupled with the challenge of improving the security habits of customers, has provided fraudsters with ever more points of vulnerability to exploit. Phishing seems to be the biggest security threat, with almost half (46 percent) of banks saying their customers are being attacked on an everyday basis, and 70 percent of banks reported financial fraud incidents that led to loss of money.

News Characteristics

Date : Mar 14, 2017
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk