Report Says Business Needs Hamper Financial Services Cyber Security

The financial services industry’s need to stay connected in a global economy and the increased adoption of cyber insurance are waylaying security efforts.
This is despite the fact that the banking industry is one of the most popular targets for cyber criminals, according to the 2015 Financial Services Drill-Down Report from security firm Websense.

The requirement for businesses in financial services to maintain a real-time connection to the global economy has impaired certain logical security precautions, the Websense report said. This, said the report, is compounded by the fact that cyber security insurance may be providing a sense of false security and some banks with such policies are not fixing their security problems, relying on their policies as financial liability risk management.
The report points out this assumption is flawed because cyber security insurance is limited in its coverage, and only partially limits the financial impact of a worst-case cyber attack scenario.