An Attack Every Seven Minutes

CIOs within the financial services sector have said they have to up their efforts in the war on cyber crime if they are to win back customer confidence.

Speaking at the CIO Forum in London, CIOs from Barclays, Deutsche Bank and Mitsubishi Securities outlined how they approach and tackle cyber crime.

Gary Edwards, CIO of Barclays IT, said his organisation is attacked every seven minutes.

"What we did during the 90s was push relationships away because we thought people would use ATMs and not need to speak to anybody," he said, urging banks to now do what they can to interact and communicate with customers in an attempt to bridge the gaping education divide in which fraudsters operate.