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Woburn, MA – September 8, 2014 — /BackupReview.info/ — Cyberattacks targeting financial services firms are on the rise, but are these organizations doing enough to protect business and customer data? According to a Kaspersky Lab and B2B Internationalsurvey of worldwide IT professionals, 93% of financial services organizations experienced various cyberthreats in the past 12 months (tweet this). And while cyberattacks targeting financial services firms are on the rise, nearly one out of three still don’t provide protection of users’ endpoints or implement specialized protection inside their own infrastructure (tweet this).
According to the survey, this lack of action to protect themselves from an attack is causing many businesses to lose faith in financial firms tasked with keeping their information safe. In fact, only 53% of businesses felt that financial organizations did enough to protect their information. The Kaspersky Lab and B2B International survey also found that 82% of businesses would consider leaving a financial institution that suffered a data breach and that 74% of companies choose a financial organization according to their security reputation (tweet this). This sentiment was echoed in a separate Kaspersky Lab Consumer Security Risks survey that found that 60% of consumers prefer companies that offer additional security measures to protect financial data.
The clear divide between what a business expects from a financial institution versus common perceptions toward the damage caused from a data breach is magnified further when you take into account that only 28% of financial services organizations think that the risk of damages from cybercrime is outweighed by the cost of prevention (tweet this). This mindset is particularly flawed given that 52% of financial institutions have a policy of reimbursing all losses caused by cybercrime without investigation and that the true cost of financial data loss is between $66,000 – $938,000 depending on the size of the organization (tweet this).
However, the Kaspersky Lab survey uncovered a glimmer of hope for financial services organizations’ eventual turn toward implementing adequate security. 47% of financial companies think that loss of credibility/damage to reputation as a result of a data breach is the worst consequence to the company.
Providing protection against today’s rise in financial cyberthreats, Kaspersky Fraud Prevention delivers multi-layered security for online and mobile banking. Kaspersky Fraud Prevention is an integrated platform consisting of solutions that protect banking customer endpoints, mobile banking applications, and access to online banking and payments applications. The platform is built to proactively avoid fraud at the earliest point by preventing malware infection, removing existing infections, thwarting phishing attacks and preventing account takeover. It is powered by the world’s most advanced global threat intelligence network, keeping banks ahead of the evolving financial cyberthreats landscape. Kaspersky Fraud Prevention also includes additional services to keep companies informed about financial cyber threats and the measures that can be used to combat them, as well as providing assistance when investigating financial incidents. To learn more, please visit: http://www.kaspersky.com/business-security/fraud-prevention
For more information about the Kaspersky Lab and B2B International financial survey, please visit: http://bit.ly/VYwUni
About Kaspersky Lab
* The company was rated fourth in the IDC rating Worldwide Endpoint Security Revenue by Vendor, 2012. The rating was published in the IDC report “Worldwide Endpoint Security 2013–2017 Forecast and 2012 Vendor Shares (IDC #242618, August 2013). The report ranked software vendors according to earnings from sales of endpoint security solutions in 2012.
For the latest in-depth information on security threat issues and trends, please visit:
Securelist | Information about Viruses, Hackers and Spam
Threatpost | The First Stop for Security News
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