Financial firms to prioritise identity technology investment, report shows

11 June 2010

Many of the largest global financial institutions are now viewing identity and access management tools as their primary technology investment, a new survey has claimed.

Findings from a study by Deloitte revealed that 44 per cent of respondents said this is the top security initiative for 2010.

Over half of the respondents in the survey stated that their security budgets have increased while there has been a “significant drop” in the number of financial organisations claiming that a lack of budget has impeded their security strategy.

Adel Melek, DTT Enterprise Risk Services, Global Financial Services Industry leader, said: “Organisations are starting to recognize the importance of the information security function to business.

“The increasing sophistication of faceless threats, the change in the threat agents and players, and the decreasing level of competence required to pose a threat due to the availability of fraud tools on the Internet are all factors that have caused financial services organisations to evolve their security practices in many areas.”

Data loss and encryption technology are expected to be the most piloted forms of IT security over the course of the next 12 months.

Additional findings from the report showed that increasing numbers of financial organisations are becoming quick to adopt new technology to enhance their security.

In the past, many were happy to be “late adopters”, the study showed.

By Jim Ottewill

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