The Global State of Information Security® Survey 2016

Financial services summary

Key findings from The Global State of Information Security® Survey 2016

As cyberattacks continue to escalate, forward-leaning financial services firms are beginning to leverage and link innovative cybersecurity tools, many of them cloud-enabled. These organisations are improving their security programmes with technologies such as cloud-based cybersecurity services, Big Data analytics, and advanced authentication and biometrics.

The top challenge: Third-party security

Financial services respondents ranked assessment of security capabilities of third-party vendors as the top challenge to their information security efforts. Some businesses are improving third-party cooperation through the use of risk-based security frameworks. These guidelines can also help companies more easily exchange information with third-party business partners and suppliers, and communicate expectations and concerns about services that are being provided.

Use of mobile devices and payments mounts

Around the world, the use of mobile devices and apps for consumer banking has exploded. To secure those interactions, financial services respondents say mobile device security is a leading spending priority in 2015. One way that financial institutions are tackling the rise in mobile risks is through the use of advanced authentication.

Complex attacks from abroad

Financial services companies have long dealt with sophisticated actors like organised crime, but some cite a worrisome trend: Certain threat actors seem to be working together to carry out attacks. Perhaps even more menacing, some financial services executives believe that organised crime and foreign nation-states are joining forces to perpetrate cybercrime.

Many organisations are fighting back with the use of Big Data analytics to monitor for covert threats. Doing so has helped them better understand evolving external and internal security risks, as well as better monitor user behaviour and network activity.

The Global State of Information Security® is a registered trademark of International Data Group, Inc.