Talking the talk: cyber security a top priority in OzDOWNLOAD
18 October 2012: Australian and Asia Pacific financial services industry organisations have made information security governance their top security initiative according to Deloitte’s 8th global financial services industry security survey.
It shows that Australia and APAC lead the world when it comes to prioritising governance on IT Security and that they believe their expenditure on information security is on or above plan.
With the exception of Canada and Japan, more than 50% of respondents of the more than 250 financial services organisations from 39 countries that were surveyed, reported an increase in their information security budgets.
And although one in three financial institutions in Asia Pacific including Australia endured a privacy related breach in the last year, in the US, 50% of all financial institutions were breached, and in the UK more than two out of three financial services organisations were breached.
Proactive, innovative security measures
Deloitte National IT Security Leader Tommy Viljoen said that this year’s security survey study finds that, “FSI organisations are more proactive in implementing innovative security measures, and creating greater awareness of information security within the business than in previous years.”
He added that: “Most organisations are challenged with balancing the cost of information security initiatives with the risk of sophisticated threats and emerging technologies.”
As the use of social media increases in Australia as well as the rest of the world, Deloitte IT Security Financial Services Partner, George Stathos, said: “Thirty seven per cent of respondents are revising their organisational policies, and 33% are educating users on social networking to address the security risks.”
The survey revealed that mobile network vulnerabilities are highest in Canada and lowest in APAC and Japan. As a part of the mobility program, many organisations have already deployed, or plan to deploy, mobile VPN, central device management, and mobile device management software.
However, more than 50% of respondents have not yet planned to deploy anti-phishing software, employee and customer-facing applications, and data loss prevention for mobile devices.
The Deloitte survey found that the three greatest technology related risks perceived by the sector were:
1. Financial fraud involving information systems
2. Employee errors and omissions
3. Breaches of information.
While APAC and Australia’s financial sectors lags those in the US, UK and Canada in terms of uptake of cloud computing, 50% of participants reported that they had implemented or purchased cloud computing services. “However 40% of APAC and Australian participants still do not use cloud computing because of technology prematurity, security risks, and adoption capabilities of the organisation,” Viljoen said. “Those organisations that have not accessed cloud because of the security risk, are now coming to the realisation that the benefits outweigh the risks,” he said. This means that Viljoen expects there to be an increase in cloud computing adoption in the sector.
Tommy Viljoen noted that big banks were creating internal clouds, while smaller banks were now looking at shifting non-core functions to the cloud.
NB: To download this survey and see our media releases and research go to www.deloitte.com.au.
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