Given the well acknowledged importance of security in financial institutions, it is surprising to learn that nearly four in 10 have had their computer systems compromised in the past year. Threats from hackers, fraudsters, virus writers and other practitioners of cyber crime have increased in the past few years, with more and more attacks aimed at financial institutions or financial information stored in less secure third-party sites. Ten per cent of financial institutions have suffered a security breach from an internal source, 16 per cent from an external source, and 13 per cent from both sources. Yet only 6 per cent of the information technology budget goes on security in most big financial services companies. These are the findings of the Deloitte and Touche global security survey, which questioned Global 500 financial institutions about their practices and experiences. Full Story
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