Banks with proper IT security have the upper hand in business

Banks who take extra measures to make sure their customers’ data is secure have an upper hand at both retaining current customers and attracting new ones, a new survey by security firm Kaspersky Lab says.

According to the report, 72 per cent of questioned companies said they select banks by their online security reputation, while 88 per cent sad they would rather pay extra and work with such a bank, than to pay less and risk it.

And this is, by all means, quite significant. Ninety-four per cent of companies now use online banking in their everyday activities, giving hackers another way to try and compromise their IT infrastructure.

Kirill Slavin, General Manager of UK and Ireland at Kaspersky Lab, commented, “Banks are now increasingly operating in the digital world, with customer and partner interactions computerised and information shared and stored online. While this can be advantageous, it also opens avenues for cybercriminals to shift from attacking users to attacking banks directly.

“In light of our findings, banks should consider applying stringent cybersecurity solutions and processes to minimise unauthorised access to such information. Often it also comes down to staff awareness of what an attacker might want and how their actions may unknowingly assist them. Banks should provide advice on what staff can do to reduce risk and work with IT staff to foster a greater understanding and openness in an organisation about security.”