Digital threats are becoming more menacing and troublesome for organizations. As the risk landscape evolves, decision-makers are taking a more proactive approach to reduce vulnerabilities that could potentially lead to mission-critical information being leaked. This is especially true to the banking and financial industry, as companies within this vertical tend to possess highly sensitive customer data.
A new study by Stonesoft revealed that financial institution executives are demanding service providers give more insight into how they are protecting networks and what data security tools they are leveraging. In an attempt to ensure sensitive customer and company information remains protected, more decision-makers are also leveraging intrusion prevention systems (ISP) to offer greater visibility into the network and reduce the presence of malicious outsiders.
"We're seeing increasing awareness of the security posture of the institution," banking security service expert Gerard Heege said. "Because they're under pressure from their customers, our banking clients want to see what's going on and they are asking questions about events and wanting to know how we handled them."
Protecting assets becomes more important in the presence of new trends
A new trend is also occurring within the financial industry, as many banking and other organizations are moving away from managing their own security strategies. Instead, they are turning to managed service providers to enhance data protection, network monitoring and visibility capabilities, the report said.
This is especially true as more banking operations migrate to digital and mobile environments. According to a separate report by comScore, the top 10 banks across the United States experienced a surge of online client volumes in the first quarter of 2011, with the population reaching more than 65 million liquid deposit account (LDA) customers. The number of online LDA customers has more than doubled since the market firm started monitoring online banking activity in 2004.
"As people turn to online and mobile channels to manage their financial accounts at an ever-increasing rate, it becomes more important for financial institutions to understand their customers' unique online needs and provide a secure and user-friendly experience for accessing financial information and conducting financial transactions," comScore financial services vice president Sarah Lenart said.
As more consumers leverage mobile and online banking solutions, it will be important that financial institutions increase ISP deployments and implement robust security tools to ensure sensitive customer information is not inadvertently exposed.
Data Security News from SimplySecurity.com by Trend Micro