Banks open to attack as security spending stales

With billions of pounds at stake, security is one of the biggest concerns for banks and financial institutions. So why have 83 of the top 100 been compromised? According to Deloitte’s annual Global Security Survey, hackers are keener than ever to try and breach banks’ defences but around a quarter of the institutions queried said their security budget growth was “flat”. The money-cautious approach to security may be a false economy  of those institutions that had suffered a breach, 40 per cent had experienced financial loss because of it and 13 per cent had “fully deployed antivirus measures”, the report said. The report shows the security situation has declined over the last two years. In 2002, 39 per cent of the institutions had been breached and last year, 96 per cent were thoroughly deploying their antivirus measures. The bigger institutions come off best in the security stakes, being more likely to have a more mature security policy and practices in place to measure its success, although awareness of the importance of security was similar across large and small organisations. Full Story