Most financial organisations not confident about security

By Netwrix Corporation
Published: 11 August 2017

Netwrix Corporation has announced the release of its 2017 IT Risks in Finance infographics. Part of the recently published Netwrix 2017 IT Risks Report, these infographics are based on feedback provided by IT specialists working for financial organisations around the globe.

The 2017 IT Risks in Finance infographics provide insight into the IT challenges, security practices and plans common for financial organizsations today. The IT risks are divided into three areas: security, compliance and operations.

The survey’s key findings for financial organisations are:

  • 67% of financial organisations do not use any software for information security governance or risk management.
  • 36% of financial organisations do not have a separate cybersecurity function.
  • 91% of financial organisations focus their security initiatives on protection of databases.
  • The biggest threat to system availability and security is employees, according to 55% of financial organisations, followed by third parties with legitimate access to internal systems (27%).
  • 27% of financial organizations had security incidents caused by human error in 2016, and 18% of financial organisations dealt with malware in 2016.
  • Only 36% of financial organisations claim to be well prepared to beat IT risks.
  • Lack of time is the main obstacle to more efficient handling of IT risks (55%), followed by lack of budget (45%) and complexity of IT infrastructures (45%).
  • 82% of financial organisations are going to focus their investments on protection against data breaches, and 73% will focus on protection against cyber-sabotage.

“Financial organisations may have flaws in their IT risks mitigation strategy, but they still have achieved impressive results compared to other industries we’ve surveyed. However, only one third of financial organisations have consistent and mature practices, which enable them to act proactively towards any new and existing threats,” said Michael Fimin, CEO and co-founder of Netwrix. “Financial organisations still need, and this need is well acknowledged, to fortify the security by better protecting data against breaches and fraud and by mitigating human factor. These two areas are going to be a major investment focus in the near future.”