Financial services industry will never be able to control cybercrime, report shows

11 August 2011

The financial services industry will never be able to contain cybercriminals, a new report has claimed.

A study by transaction banking firm Fundtech underlined the importance with which the sector now views security, with nearly three quarters of bankers saying they would be willing to change financial institution in exchange for enhanced security solutions.

The research revealed that 65 per cent of respondents thought fraud is the biggest challenge facing the industry with 84 per cent citing enhanced detection tools as the most effective method of dealing with this problem.

George Ravich, Fundtech chief marketing officer, said: “With little expectation that cyberattacks will be brought under control anytime soon, banks, their customers, and their technology suppliers must collaborate in order to effectively quell this growing challenge.”

Further findings from the study showed that demand for mobile banking services has increased - 40 per cent of bankers reported strong demand among business clients, a figure up from the 26 per cent who said the same last year.

Nearly three-quarters of participants said they thought that incoming regulation would have a negative impact on their business.

By Jim Ottewill

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