Businesses Turn Their Backs on Banks That Lack the Right IT Security

By   muhammad malik
Chief Editor , Information Security Buzz | Mar 30, 2016 07:34 pm PST

Over two-thirds of companies prefer to bank with a provider who has a solid security reputation, according to a Kaspersky Lab survey. Those banks that make security a priority and take every effort to ensure measures are in place to safeguard against online financial fraud will have an advantage, when it comes to retaining existing customers and reaching new ones.

The research found that nine out of ten (94 per cent) companies now use online banking in their day-to-day operations. The ability to use banking services without needing to physically visit a bank gives a lot of advantages, including improving response times and reducing operational costs.

However, this convenience can also come at a cost, putting companies at risk of online financial fraud and giving cybercriminals yet another way to compromise corporate IT infrastructure. Just under two thirds (63 per cent) of the companies questioned by Kaspersky Lab understand these risks and the importance of implementing all possible security measures to protect their critical data.

When it comes to protecting their information, security plays a key role for companies when choosing who to bank with. Almost three quarters (72 per cent) of companies questioned stated that they select banks due to their security reputation, and almost nine out of 10 (88 per cent) are willing to pay extra in order to work with a bank that has a strong security policy and a good security track record. 43 per cent of companies also said that they themselves need to take improved measures, in order to protect online financial transactions made with their banks.

To ensure they provide the best possible service to business customers and give the necessary peace of mind that data and transactions are safe, a comprehensive security approach is vital. Kaspersky Fraud Prevention can help banks to protect all of the components of their IT infrastructure, including mobile banking apps. Kaspersky Fraud Prevention for Endpoints keeps customers and their machines fully protected from financial fraud, so they can bank easily and conveniently online, without exposing themselves, or their provider, to risk.

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.”

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