Bankers See Cybercrime as Impossible to Address

By: Absolute Team | 8/19/2011

According to the results of a survey run by Fundtech, 66% believe that the industry will never be able to get cybercrime under control.

The poll, which surveyed nearly 100 banking executives from over 50 US financial institutions in the US, showed that fraud and cybercrime were the two major issues plaguing the financial industry. Up 12% from the previous year, 65% see fraud monitoring as their biggest challenge.

When it came down to mitigating risk, most bankers believed that better detection tools were needed. Bankers believed that their business client base would be very likely to change banks if they felt another provider had better security measures.

“According to our survey, 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.”

It's an interesting survey, looking at perceptions for the most part. Perceptions of how to approach security planning and perceptions that customers have of security effectiveness. I find it a little troubling that executives seem to see very little hope in addressing cybercrime, though the question may have been somewhat subjective in its wording.

Financial Services