The growing threat from hackers, new regulations, reputation issues and the growing importance of direct channel self-service banking are pushing IT security to the very top of the corporate agenda for Western European financial institutions, new research has revealed.
Confidence in internet banking among U.K. consumers is “fragile,” with half of active internet users telling the Financial Service Authority (FSA) that they were “extremely” or “very” concerned about fraud risk when making transactions.
I had the pleasure of attending a session with a “guturist” recently — a gentleman by the name of Michael Tchong. He spends much of his time analyzing trends and patterns in technology, human behavior and other areas and uses that information to forecast future trends and directions. While his technology and business predictions were fascinating, one of the comments he made struck me as particularly appropriate to those of us in information security:
“If you can’t do it for the same cost or lower — outsource it.”
Security experts today warned instant messaging (IM) network users to beware of a newly intercepted trojan named W32/Banbra.BOK, which is using the rise in holiday season web commerce to secretly steal banking passwords from unwitting surfers.
In January 2003, “Bank of America” was the most prominent victim of the aggressive “Slammer” computer virus that Richard Clarke, the former top adviser to President George W. Bush on cybersecurity, simply called “a dumb worm”.