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IBM report on cyber-attacks on financial services - Fujitsu comment

April 2017 by Rob Norris, VP Head of Enterprise

In light of a report by the X-Force Research team from IBM that’s found 200 million financial services records were breached last year, the comment from Rob Norris, VP Head of Enterprise & Cyber Security EMEIA at Fujitsu.

“Today’s report highlights a lack of awareness of the risk of cyber-attacks in the financial services sector. Cyber criminals are entrepreneurial, well-sourced and motivated and today’s report once again demonstrates that the threat of cyber-attacks is very real. In an era where data is becoming the new currency, all personal and professional data needs to be properly protected, especially with GDPR regulations fast approaching.

While reports such as this will encourage regulators and firms to approach cyber security from a risk perspective to identify any weak links, CIOs in the banking industry are facing an unenviable challenge. Not only are banks operating with legacy systems that in some cases have been in existence for many years, it is also a sector where innovation across new banking channels, such as online and mobile, is creating complex multi-channel IT infrastructures. Indeed according to recent research from Fujitsu, only 12% of UK consumers trust banking on mobile banking apps – one of the lowest rates in Europe.

Securing multi-channel environments while ensuring customer experience does not suffer isn’t easy, but with such sensitive data at stake the financial services industry simply cannot afford to get complacent about security. It needs to take a proactive approach to enable real-time threat reporting and fast solutions before a threat becomes a compromise. What is certain is the industry can no longer afford for cyber security not to be a number one priority.”


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