Security Trends in Financial Services

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A survey conducted by the Microsoft Trustworthy Computing Group provides insights to current technology trends and security conditions in the financial services sector. Worldwide enterprise banking and financial organizations are changing rapidly, and the survey insists that more than 75% of customers are willing to switch to another financial institution if it offers better technology.

Some information taken from the survey is included below:

  • 20% of surveyed financial organizations do not use role-based access control. Financial organizations that do not use employee roles (such as administrator, user, and guest) to manage access may allow unlawful access to resources and create vulnerabilities. Recommendation: Use a system where you could restrict access by role and also by need to know. Also restrict the number of people who can grant authorizations to a relatively small set of trusted staff members, and track authorizations using a ticketing/access system.
  • 23% of surveyed financial organizations have adequate policies and practices for secure data disposal. Recommendation: Organizations should implement a data backup and recovery plan that defines an approach to back up and to recover data in case of need. A successful data backup and recovery plan assigns clear responsibilities to specific personnel and defines objectives for backup and recovery.
  • 29% of surveyed financial organizations do not have a plan for responding to security breaches. Recommendation: Personnel should report any security incidents, weaknesses, and malfunctions immediately using well-documented and tested procedures.
  • 38% of surveyed financial organizations do not have budgeted disaster recovery plans. Recommendation: A disaster recovery plan should be created that assigns clear responsibilities to specific personnel and provides training for all appropriate parties.

To view all the key findings and the PDF version of the survey, please visit Microsoft.com

At Managed Solution, we provide financial organizations with a number of solutions to ensure they are meeting security guidelines and utilizing the most productive technology specific to the organization’s needs.

For more information on financial workflow solutions that will catapult your organization to the next level of productivity and efficiency, contact Managed Solution at 888.563.9132.