Financial Services Firms Ripe for Data Attacks
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It's one thing to lose a file or even several files. But what happens when you lose your customers' trust? eSecurity Planet takes a look at new report that finds that financial services firms have a long way to go to protect both their customers' assets and their own reputations.
Sloppy operating practices across the financial services sector leave firms vulnerable to breaches that could expose sensitive data or put customers' and employees' privacy at risk, according to a new study from the Ponemon Institute.
The study, commissioned by enterprise software and consulting firm Compuware (NASDAQ: CPWR), identified several key areas where financial services companies could take a hit from loose data policies, including damage to the corporate brand and the erosion of consumer trust.
"One of the most important things a company can do to assure their future success is to plug the holes in their security policies that were demonstrated in this study," Larry Ponemon, head of the Ponemon Institute, said in a statement. "While there is a great deal of progress being made, there is still a long way to go."
For instance, the survey of top security officials at 80 large financial firms found that 83 percent use real data, such as credit card or account numbers, when developing and testing applications. Ponemon concluded that a majority of the firms surveyed don't take sufficient steps to safeguard that information.