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Security within the Financial Sector

Global Banking & Finance Review recently spoke with Brian Spector, CEO, MIRACL (formerly Certivox) about security within the financial sector, including the state of user security, common threats and organizations can be doing.

How would you describe the state of user security within the financial and banking industry at the moment?

“Organisations across all industry sectors are facing the increasing risk of data breaches and sustained assault from hacking collectives, and it seems that not a day goes by without another high profile data breach hitting the headlines. In recent weeks we have seen three South Korean banks fined for a data breach that affected up to 20 million customers, as well as the fallout for banks from the Target attack in the US. Obviously this is also prevalent across other sectors with high profile organisations like Yahoo!, Adobe and Tesco also falling victim to attacks in recent months, and as you would expect, the financial services industry is relatively one of the most secure.

“However, we recently surveyed 2,000 UK consumers to look into their experiences of banking security, and found that of the 24 per cent of respondents who had online services hacked, 13 per cent of these successful attacks targeted banking services. With the important financial information concerned, this should make alarming reading for banks, particularly as the same research found that 25 per cent of respondents would terminate a service immediately if their account was compromised.

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