11 June 2022

Banks: Balance Security and Customer Convenience...

Flashback to June 2004.  Always remember.

Banks Balance Security and Customer Convenience: Institutions need strategies to maintain integrity and reliability without compromising experience. by Jason Compton

"Deloitte & Touche LLP has released the results of its 2004 Global Security Survey of the financial services industry, revealing that the number of outside infiltrations of banking systems has more than doubled over a one-year period.

Although banks believe they have policies and procedures in place to manage those threats, they will increasingly be squeezed to maintain an open, accessible relationship with customers, while preserving necessary security.

Deloitte surveyed 64 of the world's largest banks, financial institutions, and insurers, 81 percent of which have annual revenues in excess of $1 billion. A total of 83 percent admitted a security compromise, 40 percent of which resulted in measurable financial damage.

Firms in the EMEA region--about half the respondent pool--were given the highest marks for their overall security readiness. U.S. institutions outspent their global peers, but lagged in clear documentation and delineation of security tasks, and showed a net loss in security positions over a one-year period."

18 years later, what have we learned?

Quiz Question:  What is more secure, sending a six digit Two-Factor authentication code to a customer by 1) SMS or by 2) E-mail.


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