Financial services name online security as no.1 concern

Close to half of US financial institutions voted online security as their main concern as part of a recent survey.

Depository Trust & Clearing Corporation (DTCC) conducted a survey and found that  46 per cent of those who responded prioritised online security above new regulations, as well as geopolitical risk.

One information security expert, Mark Clancy, commented:

“Cyber-security threats continue to grow each and every day, as attackers become more sophisticated. With cyber-security identified as the industry’s top risk, it is critical that we develop and implement solutions that enable the timely sharing of data to prevent incidents as well as to promote faster incident detection and response.”

The survey results were published in DTCC’s Systemic Risk Barometer Study report, which was concluded in this year’s first quarter. The report included responses from 250 participants in the financial markets, including DTCC clients.

The 46 per cent response for online security is higher than in any previous DTCC survey, and close to twice as high as the 24 per cent response from just over 12 months ago.

Further, for those who didn’t name online security as their main issue, 80 per cent of those surveyed still ranked it in their top five concerns.

Any business that sees online security as a key issue would be wise to act, making cyber security jobs open to those trained in handling any issues that may come up; doing so can only help to alleviate their concern.