Feeds

Internal security attacks affecting banks

Fastest growing problem

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Internal security breaches at the world's banks are growing faster than external attacks, as institutions invest in technology, instead of employee training.

According to the 2005 Global Security Survey, published by Deloitte Touche Tohmatsu, 35 per cent of respondents said that they had encountered attacks from inside their organisation within the last 12 months, up from 14 per cent in 2004. In contrast, only 26 per cent confirmed external attacks, compared to 23 per cent in 2004.

The report, which surveyed senior security officers from the world's top 100 financial institutions, found that incidences of phishing and pharming, two online scams which exploit human behaviour, are growing rapidly. These scams use bogus e-mails and websites to persuade people to reveal confidential information to hackers and fraudsters. "Completely malicious internal security threats are less likely than those caused through lack of training," said Gerry Fitzpatrick, enterprise risk services partner at Deloitte in Dublin, speaking to ElectricNews.net. "People need to understand how to classify data and treat it in a secure way."

The survey attributes the shift from external threats to internal threats to the fact that companies have been implementing technical security solutions, but have been lax about providing security training to customers and employees.

Ninety-eight percent of financial institutions have now installed antivirus software, compared to 87 per cent in 2004. The prevalence of virtual private networks (VPNs) and content filtering and monitoring has also increased significantly over the same period.

Meanwhile, security training and awareness has fallen behind. Sixty-four per cent of institutions had budgeted funds for security investments, compared to only 15 per cent who had budgeted for employee awareness and training. Very few institutions had budgeted for customer security training.

Less than half of the respondents had training and awareness initiatives scheduled for the next 12 months. Training and awareness was at the bottom of the security initiatives list, behind compliance and measurement.

Sixty-four per cent of security budgets are to be invested in technology, compared to only 15 per cent for employees' awareness and training. Very few financial institutions have any plans to increase their customers' security awareness.

Ireland rated highly in the survey, with 89 per cent of respondents having an information security strategy, the highest in EMEA. However, only 36 per cent of Irish respondents had attended security awareness training programmes in the last 12 months, the lowest percentage across the globe.

The study's release came five days after MasterCard and Visa International reported that the US Federal Bureau of Investigation is probing a security breach that exposed 40 million accounts to possible fraud in what has been labelled the largest violation of its kind.

Copyright © 2005, ENN

Related stories

Unauthorised research opened door to MasterCard breach
Motorola downplays data security breach
US bank staff 'sold customer details'
US regulators take action over ID theft

Providing a secure and efficient Helpdesk

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.