IN­AD­E­QUATE FI­NAN­CIAL SE­CU­RITY

A Sur­vey Con­ducted by Kasper­sky Lab Shows Wor­ry­ing Se­cu­rity Trends that are Still Preva­lent in Fi­nan­cial Or­ga­ni­za­tions

HWM (Malaysia) - - SMB - REPORT -

Kasper­sky Lab, in co­op­er­a­tion with B2B In­ter­na­tional, con­ducted a sur­vey that found ap­prox­i­mately half of banks and pay­ment sys­tems pre­fer mit­i­gat­ing cy­ber in­ci­dents and treat­ing them as they hap­pen rather than tak­ing steps to pre­vent them.

In the sur­vey, less than half or 48 per­cent of fi­nan­cial or­ga­ni­za­tions said they would take mea­sures to pro­tect their clients from online fraud, aim­ing at mit­i­gat­ing the con­se­quences rather than pre­vent­ing in­ci­dents en­tirely.

Fur­ther­more, 29 per­cent of com­pa­nies sur­veyed be­lieve it is cheaper and more ef­fec­tive to ad­dress cases of fraud as they oc­cur, rather than to at­tempt to pre­vent them.

What is con­cern­ing was that only 41 per­cent of or­ga­ni­za­tions would take nec­es­sary mea­sure to pre­vent cy­ber­fraud in­ci­dents from re­oc­cur­ring once it hap­pens, while 36 per­cent of com­pa­nies would con­duct an anal­y­sis of the vul­ner­a­bil­ity ex­ploited in the at­tack, and 38 per­cent would com­pen­sate the losses. The most pop­u­lar pol­icy among com­pa­nies is to try to find out who was be­hind the at­tack, which is a prac­tice of two thirds (66 per­cent) of fi­nan­cial or­ga­ni­za­tions.

“Re­ly­ing solely on mit­i­gat­ing the neg­a­tive con­se­quences of fraud is sim­i­lar to try­ing to treat the symp­toms of an ill­ness rather than its root cause. The symp­toms will re­cur, and the ill­ness will progress. In this re­spect, Kasper­sky Lab rec­om­mends that you do not for­get how im­por­tant preven­tion is. Many of the world’s lead­ing banks have ac­knowl­edged this and have im­ple­mented ‘root cause fraud preven­tion’, but alarm­ingly many still rely on ‘re­ac­tive fraud de­tec­tion’. Each year, cy­ber­crim­i­nals in­vent more and more so­phis­ti­cated meth­ods of at­tack, and if the banks do not have pre­ven­tive mea­sures in place, it en­ables fur­ther growth in the num­bers of fi­nan­cial cy­ber­crime and in­creased losses,” said Ross Ho­gan, Global Head of the Fraud Preven­tion Di­vi­sion at Kasper­sky Lab.

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