How Financial Services are Failing at Digital Security | GBAF

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Business > RESEARCH REVEALS WORRYING LACK OF DIGITAL SECURITY CONCERN IN THE BOARDROOM AMONG UK FINANCIAL SERVICES, WITH OVER HALF LACKING A CYBER SECURITY PROGRAMME AND JUST UNDER HALF WITHOUT A DIGITAL BRAND PROTECTION PLAN

Growing digital engagement with customers across web, mobile apps and social media threatens security of financial services organisations and their customers

Research from RiskIQ on the state of digital risk management in large, UK organisations, reveals that while 90 percent of C-Suite and senior managers in the financial services sector admit they are concerned about the vulnerability of their websites, mobile applications and social media accounts to cyber-attack and impersonation, 46 percent do not have a digital brand protection programme or team in place and 51 percent are missing a dedicated cyber threat management programme to protect them. As a result, financial services organisations are missing the opportunity to detect cyber threats in the early stages where mitigation would greatly reduce the negative impact to the business and its customers.

Cyber security is of particular importance to the finance sector as it continues to invest in web, mobile and social to engage with customers. Today’s cyber threats include threat actors compromising vulnerable web assets and duping users by impersonating brands. Aligned with the heightened cyber threat, almost all (97 percent) agree that their organisation is equally or more at risk from cyber security attacks and digital brand impersonation compared to just five years ago. Yet, only two thirds (67 percent) of financial services organisations surveyed cited that the security of digital channels is a boardroom concern.

The top cyber security concerns for financial services include exposure of customer data (72%), reputational damage (67%) and corporate espionage and phishing/malware attacks on customers (31%). Such concerns are having a direct impact on business progress, with 85 percent of those surveyed stating that cyber security and brand protection concerns are affecting the rollout of new digital initiatives.

Ben Harknett, VP EMEA, RiskIQ comments, “Our research shows that while organisations, including those in the financial services sector, are advancing their use of digital channels, security is once again playing catch up. This lag results in increased digital risk which could impact the success of those channels. Digital Risk Monitoring and External Threat Management needs to be considered as a priority in the boardroom to defend their digital channels, particularly with the potential for loss of confidential personal credentials and finances.”

Growing digital engagement with customers across web, mobile apps and social media threatens security of financial services organisations and their customers

Research from RiskIQ on the state of digital risk management in large, UK organisations, reveals that while 90 percent of C-Suite and senior managers in the financial services sector admit they are concerned about the vulnerability of their websites, mobile applications and social media accounts to cyber-attack and impersonation, 46 percent do not have a digital brand protection programme or team in place and 51 percent are missing a dedicated cyber threat management programme to protect them. As a result, financial services organisations are missing the opportunity to detect cyber threats in the early stages where mitigation would greatly reduce the negative impact to the business and its customers.

Cyber security is of particular importance to the finance sector as it continues to invest in web, mobile and social to engage with customers. Today’s cyber threats include threat actors compromising vulnerable web assets and duping users by impersonating brands. Aligned with the heightened cyber threat, almost all (97 percent) agree that their organisation is equally or more at risk from cyber security attacks and digital brand impersonation compared to just five years ago. Yet, only two thirds (67 percent) of financial services organisations surveyed cited that the security of digital channels is a boardroom concern.

The top cyber security concerns for financial services include exposure of customer data (72%), reputational damage (67%) and corporate espionage and phishing/malware attacks on customers (31%). Such concerns are having a direct impact on business progress, with 85 percent of those surveyed stating that cyber security and brand protection concerns are affecting the rollout of new digital initiatives.

Ben Harknett, VP EMEA, RiskIQ comments, “Our research shows that while organisations, including those in the financial services sector, are advancing their use of digital channels, security is once again playing catch up. This lag results in increased digital risk which could impact the success of those channels. Digital Risk Monitoring and External Threat Management needs to be considered as a priority in the boardroom to defend their digital channels, particularly with the potential for loss of confidential personal credentials and finances.”