Why Traditional Financial Institutions Are Losing The Battle Against Cybercrime
The rise in digital and mobile financial services has introduced an onset of increased data breaches over the last few years. The digital revolution has upset the technological constraints of financial institutions, creating a mass of vulnerabilities within their security systems.
In the report, “Data Breaches: An Inside Perspective,” Omlis conducted in-depth interviews with experienced cyber security professionals, asking the question: Why aren’t traditional financial institutions (TFIs) adequately addressing security weaknesses?
Discussions centered on the types of security systems employed by TFIs, the types of security measures used to prevent breaches and personal and industry-wide attitudes to security. The findings indicate that TFIs’ current preference towards technology creates an increasingly complex system with associated vulnerabilities and ultimately requires greater manual input for maintenance and updates. There are also issues related to the attitudes of employees and difficulties implementing comprehensive and in-depth incident strategies.