Security agility systems key for major techs and banks

A live poll conducted at the FST Future of Security conference in Melbourne last week found that the successful implementation of a security agility system was the main priority for major financial firms.

Major banks, technology firms and superannuation companies are struggling to embed a security agility system strong enough to combat the growing influx of Cybersecurity issues in the business space, according to data from FST’s Future of Security conference.

When polled on the top business security priority for the next 6-12 months, executives from organisations including MLC, National Australia Bank (NAB), Westpac, Telstra Super, and BUPA, nearly half (46 per cent) said that the embedment of a security agility system in house would be top of the list.

While security systems took a clear lead in company priorities, 25 per cent would also focus most specifically on strengthening the existing security infrastructure frameworks in place, while 19 per cent would turn attention to investing in emerging security technologies.

While 57 per cent of delegates cited the need to improve customer experience and trust as the key business driver for investing in security technology, just 10.5 per cent also said that upskilling their workforce would be a part of that.

Over a quarter of attendees said the security volatility of emerging technologies and channels was a strong driver for investment, while some also pointed to the cost of incidents and breaches (10.1 per cent) as the most major reason, as well as the need to comply with regulation (4 per cent). 

 

 

Related Stories

The nbn network is expecting baby boomers of the ‘silver economy’ to start around 14,000 businesses each year, doubling those initiated by their Gen Y counterparts, thanks to increased connectivity to online resources.
Silver economy a technology gold mine
The nbn Silver Economy report showed seniors to be highly adept at utilising technology to start... Read More
Results from a live poll conducted last week at the FST Media Banking Summit showed banks are battling with themselves to respond to digital disruption.
Banks’ biggest hurdle to technology still themselves
More than 100 banking executives gathered at FST’s annual Banking Summit last week highlighted a... Read More
PwC has called on bank and business chief executives to consider Cybersecurity more seriously and better implement safeguarding practices.
Safeguarding against cybercrime no longer realistic
It is not possible to fully mitigate cyber-risks, and chief executives are placing their banks and... Read More
The Reserve Bank of India’s research wing would conduct a workshop to assist bank leaders to identify and manage cybercrime threats.
RBI to help banks block cybercrime threats
The Reserve Bank of India’s (RBI) Institute for Development and Research in Banking Technology (... Read More

Comments