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In a poll of 100 banking executives from 50 US financial institutions attending a Fundtech client conference, 66% expressed fears that cybercrime was uncontrollable. A similar majority see fraud monitoring as their biggest challenge, with 84% believing that better detection tools are the keys to addressing spiraling levels of cybercrime.
George Ravich, Fundtech chief marketing officer, says: "Addressing fraud is the banking industry's most pressing problem. 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."
A clear majority of banks believe they will never be capable of eradicating cyber-crime, with fraud monitoring and detection tools at the top of their shopping lists as they strive to keep the crooks at bay.
Client education will be key, although the disconnect between banks and their small business customers is evident in a spate of recent ACH wire frauds that have deteriorated into courtroom squabbles over liability for losses.
Education is the key and it starts with everyone in an organization that has access to a network. The solution is Internet Security Awareness Training.
For the full story click here: Two thirds of banks believe cyber-crime is uncontrollable
KnowBe4 offers a FREE Phishing Security Test that can give you an accurate assessment of who the likely culprits are within your organization that will open the door to cybercriminals. Take this important step now while you are reading thisbefore your organization gets targeted. FREE PHISHING SECURITY TEST
Stu Sjouwerman
KnowBe4
[/caption]In a poll of 100 banking executives from 50 US financial institutions attending a Fundtech client conference, 66% expressed fears that cybercrime was uncontrollable. A similar majority see fraud monitoring as their biggest challenge, with 84% believing that better detection tools are the keys to addressing spiraling levels of cybercrime.
George Ravich, Fundtech chief marketing officer, says: "Addressing fraud is the banking industry's most pressing problem. 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."
A clear majority of banks believe they will never be capable of eradicating cyber-crime, with fraud monitoring and detection tools at the top of their shopping lists as they strive to keep the crooks at bay.
Client education will be key, although the disconnect between banks and their small business customers is evident in a spate of recent ACH wire frauds that have deteriorated into courtroom squabbles over liability for losses.
Education is the key and it starts with everyone in an organization that has access to a network. The solution is Internet Security Awareness Training.
For the full story click here: Two thirds of banks believe cyber-crime is uncontrollable
KnowBe4 offers a FREE Phishing Security Test that can give you an accurate assessment of who the likely culprits are within your organization that will open the door to cybercriminals. Take this important step now while you are reading thisbefore your organization gets targeted. FREE PHISHING SECURITY TEST
Stu Sjouwerman
KnowBe4
