Data security threats from mobile and online leaks could
increase by 60% for financial firms, but less than half intend to
upgrade their investment in security.
A study by Ernst & Young found that the rapid emergence of
new technologies, such as cloud computing, social networking and
Web 2.0, could significantly increase risk to financial
institutions.
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Global private banks, including HSBC’s Swiss arm, have been the
target of data breaches as security becomes a key concern for the
wealth management industry.
Employee data dangers
The study of 1,600 firms found that 64% of respondents
recognised employee security awareness as a considerable challenge,
posing a threat to workforces that have increased in mobility and
reliance on mobile computing devices.
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By GlobalDataLess than a third of global businesses have an IT risk
management programme in place for addressing threats related to the
new technologies, the study found.
The uptake of smartphone mobile banking, seen largely in the
Middle East, has led to a rise in corporate and sensitive data
being accessed from remote locations.
While only 1 in 10 companies consider examining new
and emerging IT solutions, the demand for remote banking is
increasing, creating a new area of risk, said Ernst & Young
MENA IT and telecom leader Wasim Khan.
Respondents that do intend to tackle data risks, plan to
implement encryption techniques, stronger identity and access
management controls.
