Bank of America takes action to reduce e-business security threat

Bank of America takes action to reduce e-business security threat

Bank of America is to use a customised risk management service from Ernst & Young to monitor and reduce its vulnerability to e-business security threats.

The bank has commissioned the Online Vulnerability Service from E&Y subsidiary to help identify and reduce security risks. The service is designed to ward off threats to the network by keeping the bank up-to-speed with developments in information security.

"Customer confidence and customer privacy are very important to us. delivers vulnerability information, which is crucial to our technical staff, in a timely and easy to understand format," says Rhonda MacLean, senior vice president, director of information protection at Bank of America. "They are delivering validated information that is tailored to our information technology (IT) environment and ranked by its potential impact, and they are supplying step-by-step instructions to mitigate risk and help keep our network as secure as possible."

"Information security (IS) managers responsible for security say that their most difficult problem is keeping up with technology change, increased risk and lack of staffing," says Mylissa Tsai, research analyst with Aberdeen Group. "'s coverage of vulnerabilities, security fixes and dedicated research and development team is well positioned to provide research and help IS decision-makers around-the-clock."

Ernst & Young claims to have developed a database of more than 2400 information security threats to financial e-business.

"A company's potential annual losses from fraud and electronic failure is estimated to be as high as $1.5 billion. affords CIOs and CEOs around the globe with peace of mind against IT threats," says Jon Darbyshire, CEO of

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