Information Security in Financial Services

This decade will see governments, organized crime and individuals declare cyber war on companies' information.

Thursday, August 19, 2010

Computer fraud is now a full time business for many, whether it be for profit or in an attempt to achieve a competitive advantage. Governments regularly acuse each other of cyber foul play and institutions are having to take ever more drastic measures to protect themselves.

The threats are varied, from Botnets to Phishing to Trojans but Deloitte's security study indicates that a new cause for alarm is "the decreasing level of competence required to pose a threat".

However, responses to this year's survey indicate that the financial services industry has "reached a turning point,... for the first time,

* organizations are proactive, embracing new technologies

* the lowest percentage of respondents (36%) stated that “lack of sufficient budget”, as the major barrier to ensuring information security, compared to 56% last year.

* information security compliance (internal/external audit) remediation is a top-five security initiative.

* more than half of organizations state that physical information, such as paper, is within the mandate and scope of the executive responsible for information security."

More on this topic

Panama: Microchips on Bankcards

November 2014

All banks in Panama must have integrated circuit technology by December 20, 2014, with an option existing to take an additional three months, until March 2015.

Debit and credit cards must have a microcircuit or chip system which provides more security and more storage of user information with the aim of "...

Bank Security Event in Panama

September 2012

Under the theme, "Safety Depends on You", on 26 September the IV National Meeting on Banking Security takes place.

Organized by the Panama Banking Association (ABP), the event will address topics such as:

-Mobile Banking, risks and safety measures in the new financial services model

The Dangerous Comfort of a Single Password

February 2010

Among users of online banking services, 73% use the same password for their bank accounts as for other minimum security web sites.

Furthermore, 47% of all people use the same combination of username and password in all the sites that require so.

This is very dangerous. Hackers and online thieves are profiting from this bad practice.

Benchmarking information security in financial institutions

February 2009

Protecting what matters: the sixth annual Deloitte Touche Tohmatsu (DTT) Global Financial Services Industry (GFSI) Practice information security survey.

The goal of the 6th Annual Global Security Survey for financial institutions is to help respondents assess and understand the state of information security within their organization relative to comparable financial institutions around the world.

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