Businesses turn their backs on banks that lack right IT security–Kaspersky

OVER two-thirds of companies prefer to bank with a provider who has a solid security reputation, according to Kaspersky Lab ZAO, citing a survey the Russian cybersecurity firm implemented last year.

The company issued the statement as lawmakers probed money that entered the Philippines through alleged hacking of the Bangladesh central bank.

The research, titled “Global IT Security Risks Survey 2015,” found that nine out of 10 (94 percent) companies now use online banking in their day-to-day operations, according to the Russian cybersecurity firm. “The ability to use banking services without needing to physically visit a bank gives a lot of advantages, including improving response times and reducing operational costs.”

However, this convenience can also come at a cost, putting companies at risk of online financial fraud and giving cybercriminals yet another way to compromise corporate information-technology (IT) infrastructure, the company said in an April 14 statement.

According to Kaspersky, just under two-thirds (63 percent) of the companies polled “understand these risks and the importance of implementing all possible security measures to protect their critical data.”

“When it comes to protecting their information, security plays a key role for companies when choosing who to bank with.”

The Kaspersky poll also revealed almost three quarters (72 percent) of companies questioned stated that they select banks due to their security reputation. And almost nine out of 10 (88 percent) are willing to pay extra in order to work with a bank that has a strong security policy and a good security track record.

Kaspersky said 43 percent of companies also said that they themselves need to take improved measures in order to protect online financial transactions made with their banks.

According to Ross Hogan, Kaspersky Lab global head of fraud prevention, while computerization of banks’ interaction with customers have advantages, it also “makes banking processes vulnerable.”

“Any compromise to the IT infrastructure can lead to huge data loss or, even worse, severe financial and reputational damage,” Hogan was quoted in a statement as saying. “It is, therefore, imperative that banks also think more like IT companies and make security a priority when developing and delivering their services.”

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