More digital banking means a higher need for digital security. Do you think banks are ready to manage this? Looking at the recent data breaches I have doubts about that.
Sometimes even standard security rules are broken. The Swiss Banque Cantonale de Geneve for example. Why didn’t they simply encrypt the e-mails which have been stolen and leaked now?
In most of the countries there exist laws which ask the companies handling with (sensible) customer data to protect them against such issues. There is a responsibility which is obviously not seen by some IT decision makers.
The result are unhappy customers, broken confidence and financial loss by customers changing their bank. Additionally there can be a huge follow up loss of money by things such as replacing credit cards etc.
Just until now it seems that especially banks did not really care about their digital security. They pay and sit it out.
Will this be the right strategy in 2015?
We all here certainly agree that of course not.
But will there be a change? Will there finally be funds for the IT admins to tighten up the digital security?
Big data – big data leaks… For big data there is money to spend but how about securing the results?
And talking about retail banks – they have ATMs. Why is it still possible to connect a DVD to the PC inside the ATM and to boot with it to install some derivate of Ploutus etc. or being a bit smarter installing it via bootable USB stick?
There are a lot more things to discuss. But if banks do not even invest into the basics of security… I suppose the private PC’s / laptops of the bank managers are better secured by anti virus and personal firewalls than the ATMs in their fleet...