Financial services feel the heat from cyber criminals

A new survey of IT security professionals working in the financial services sector reveals that 90 per cent feel vulnerable to security breaches and 44 per cent have actually experienced one - 19 per cent in the last year.

These findings come from enterprise data protection company Vormetric which, in conjunction with 451 Research, has issued a financial services edition of its 2016 Data Threat Report.

Meeting compliance requirements was named as the top IT security spending priority at 56 per cent, but preventing data breaches at 50 per cent and best practices, also at 50 per cent, were close followers. The main barriers to adoption of better data security were cited as complexity at 68 per cent, and lack of staff at 35 per cent.

Despite 59 per cent of respondents planning to use big data, only 33 per cent regard these implementations as presenting a top three risk for loss of sensitive information.

"Financial services organizations continue to feel the heat from cyber attackers", says Tina Stewart, vice president of marketing for Vormetric. "They are investing to help solve the problem, but surprisingly, are failing to connect the dots about the best solutions to use. With the world's financial data in their custody, the most effective way to protect this information, once networks and systems are penetrated, is to enhance data protection investments".

Good news is that the threats are being taken seriously, with 70 per cent saying they're increasing spending to offset threats to data and 48 per cent increasing spending on data-at-rest defenses this year. Many are planning to implement "newer" security tools that are more effective at protecting data even when other defenses have been compromised. ]

These include tokenisation (42 per cent), application encryption (33 per cent), Security Event and Information Management (SIEM) systems (29 per cent) and privileged user access management (29 per cent).

The full report is available to download from the Vormetric website.

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