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Mobile Banking Among Five Top Security Risks
Monday, March 13, 2017 6:40 AM

Credit unions and banks are under a considerable amount of pressure to ramp up security with increased mobile banking adoption, a trend that is increasingly threatening the security of IT infrastructures.

That is one disturbing finding from Woburn, Mass.-based Kaspersky Lab’s “Financial Institutions Security Risks Survey.” To gain a better understanding of the current financial security landscape, Kaspersky Lab and B2B International surveyed 841 representatives from financial services businesses across 15 countries.

The study showed security investment is a high priority for financial institutions, regardless of the potential ROI. After suffering from attacks on their own infrastructure and customers, financial organizations are spending three times as much on IT security as comparably sized non-financial institutions.

Sixty-four percent of financial institutions admit that they will invest in improving their IT security regardless of the return-on-investment, in order to meet the growing demands of government regulators, top management and even their customers.

Despite financial institutions putting serious efforts and budgets into safeguarding their perimeters against known and unknown cyberthreats, protecting the range of IT infrastructure in existence, from traditional to specialized, ATMs and point-of-sale terminals, has proven difficult.

The immense and evolving threat landscape, along with the challenge of improving the customer security habits gives fraudsters more vulnerable touchpoints to exploit.

Read more at CU Times.