April 14, 2016

Businesses Turn Their Backs on Banks That Lack the Right IT Security

Banking Security

Over two-thirds of companies prefer to bank with a provider who has a solid security reputation, according to a Kaspersky Lab survey. Those banks that make security a priority and take every effort to ensure measures are in place to safeguard against online financial fraud will have an advantage, when it comes to retaining existing customers and reaching new ones.

The research titled Global IT Security Risks Survey 2015 found that nine out of ten (94%) companies now use online banking in their day-to-day operations. The ability to use banking services without needing to physically visit a bank gives a lot of advantages including, improving response times and reducing operational costs.

However, this convenience can also come at a cost, putting companies at risk of online financial fraud and giving cybercriminals yet another way to compromise corporate IT infrastructure.

“In today’s technology driven environment, banks operate more like IT companies than financial institutions. All of their interactions with customers and partners are computerized and information is shared and stored online. However, despite the advantages it makes banking processes vulnerable and any compromise to the IT infrastructure can lead to huge data loss or, even worse, severe financial and reputational damage. It is therefore imperative that banks also think more like IT companies and make security a priority when developing and delivering their services,” comments Ross Hogan, Kaspersky Lab Global Head of Fraud Prevention.

Just under two thirds (63%) of the companies questioned by Kaspersky Lab understand these risks and the importance of implementing all possible security measures to protect their critical data.

When it comes to protecting their information, security plays a key role for companies when choosing who to bank with.

Almost three quarters (72%) of companies questioned stated that they select banks due to their security reputation, and almost nine out of 10 (88%) are willing to pay extra in order to work with a bank that has a strong security policy and a good security track record.

43% of companies also said that they themselves need to take improved measures, in order to protect online financial transactions made with their banks.

To ensure they provide the best possible service to business customers and give the necessary peace of mind that data and transactions are safe, a comprehensive security approach is vital.

Kaspersky Fraud Prevention can help banks to protect all of the components of their IT infrastructure, including mobile banking apps. Kaspersky Fraud Prevention for Endpoints keeps customers and their machines fully protected from financial fraud, so they can bank easily and conveniently online, without exposing themselves, or their provider, to risk.

Survey Methodology
Kaspersky Lab’s Global IT Security Risks Survey collects insights from IT professionals around the world.

The survey included 5,564 respondents, IT professionals with a ‘good working knowledge’ of IT issues, from 38 countries from April 2014 to May 2015.

Conducted by research specialists B2B International and analyzed by Kaspersky Lab’s expert threat intelligence and research teams, the report is an essential look at the industry’s prevailing attitudes and strategies towards IT security.

It also serves as an industry benchmark to help businesses understand the type and level of IT security threats they face.

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