Half of EMEA Financial Services Institutions lack awareness of threats
In a recent survey conducted across major cities in Europe, IDC Financial Insights found that 45% of respondents are unaware of the number and nature of security events their organization has encountered in the past 12 months. How can this be? Is it the reporting that is insufficient or is it not prioritised? The security incidents are a great indicator of how healthy risk level a financial institution has. Maybe the focus is preventing perceived threats rather than watching what is really going on? The report finds that among the top three security threats faced by financial services institutions, the greatest threat is perceived to be phishing, followed by employee error and increased sophistication of threats.
In trying times with financial crisis and banking in the spotlight for authorities and regulations initiatives, the decision to invest in controls and transparency might be a tough one. At the same time emerging channels and customer demand is pointing investments in social media and mobile services. So what is it going to be - retaining customers by innovative new services or taking control of the risk posture?