Thursday, August 11, 2011

Along with Falling Stock Prices, Banks Fret Over Cyber Security

In a new survey conducted by Fundtech, a global supplier of banking software, 100 executives from 50 financial institutions were asked what some of the biggest challenges the industry faced. In a dramatic uptick from last year, 65% said fraud monitoring has become an increasing concern. Last year's poll put that number at 53%.

According to Credit Union Times, who carried the story, "74%[of executives surveyed] said they think thei small and medium-sized enterprise customers would be willing to change financial institutions to get better security and 79% said t think that 'only a small fraction of their business client base understands their liability for fraudulent transactions.'"

"'With little expectation that cyber attacks will be brought under control anytime soon, banks, their customers and their technology suppliers must collaborate in order to effectively quell this growing challenge,' said George Ravich, Fundtech’s chief marketing officer."

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