Survey says: Data breaches in other industries will damage financial institutions

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.scmagazine.com/survey-says-data-breaches-in-other-industries-will-damage-financial-institutions/article/467086/

Respondents to a new survey from Silicon Valley-based software company FICO
unanimously agreed: Data breaches this year in other industries will damage
financial institutions.

The study queried 36 fraud executives from 18 leading banks in the
Asia-Pacific region to measure threats affecting financial institutions
impacted by the increasingly connected business landscape.

With data being gathered and stored by numerous entities, 38 percent of
respondents said large retailers were the greatest risk for a data breach
in 2016, while 35 percent chose telecommunications companies.

On the other hand, small business (25 percent) and healthcare (22 percent)
were selected as the industries least likely to be at risk. Hospitality and
travel, as well as insurance, were seen as medium risks for data breaches
for the year ahead.

"Rapid internet and mobile penetration have seen many industries grow their
online capabilities to include payments, online applications and account
management services, yet many organizations only have basic security in
place," said Raed Taji, head of global fraud consulting for FICO in Asia
Pacific. "These businesses are soft targets compared to the banks because
they lack the resources or historical security focus needed to protect
critical systems and customer data."

The explosive growth of mobile-first consumers in the Asia-Pacific region
is also perceived as a primary threat vector as the volume of mobile
threats increases: 72 percent of respondents believed there will be a major
increase in threats from mobile commerce and mobile-first consumers in
2016, while 22 percent expect a modest increase.

The fraud executives were also queried about factors that might challenge
their organization's ability to stop a data breach. Nearly a quarter
selected low security awareness among employees as the top factor, with a
slightly lesser amount responding that a lack of budget was to blame.
Meanwhile, the number-two issue for 40 percent was too many siloed
operations.

"These results show that better processes, education and management are
just as important as having the right technology to keep up with the
ever-evolving cybersecurity and fraud landscape," Taji said.

_______________________________________________
Dataloss Mailing List (dataloss () datalossdb org)
Archived at http://seclists.org/dataloss/
Unsubscribe at http://lists.osvdb.org/mailman/listinfo/dataloss
For inquiries regarding use or licensing of data, e-mail
        sales () riskbasedsecurity com 

Supporters:

Risk Based Security (http://www.riskbasedsecurity.com/)
Need access to data breach details or alerts when new breaches happen? Risk Based Security's Cyber Risk Analytics 
portal, fueled by the RBS breach research team, provides detailed information on how data breaches occur and which 
vendors to trust. Contact us today for a demo.