The New Zealand financial services sector has the highest level of security maturity across all industry types, according to Donnie Krassiyenko, Market Analyst at IDC New Zealand.
IDC NZ released a study suggesting that financial services organisations in New Zealand are amongst those industries with the strongest intentions for security investment but are still at risk of taking their eye off the ball when it comes to IT security.
Krassiyenko added that CIOs in the country perceive security as playing a supportive role in business goals rather than acting as a primary solution, “This is vastly different from both Australia and Asia Pacific, that place security as the top investment area across all new technology initiatives," he said.
However TSB Bank’s Head of Digital Banking, Technology Services, Shaun Tubb, suggests that there needs to be a balance. “For customers to fully utilise our digital estate, trust is a key factor, but if you do not balance this with usability you could have a very secure system no one uses. I think the New Zealand banking sector has been very active in trying to address the balance.”
Krassiyenko said financial services organisations are able to provide business value to information, and thus can articulate a value to apply to its protection, “FSIs have the most to lose as they are already heavily information-centric in their business decisions,” he said.
The study suggests financial services organisations have the most to lose financially in the event of cyber-crime, and are also likely to take a significant hit in reputational damage.
According to the IDC study, the responsibility of information and security should be carried together, and not separate. "This will force the attention and profile required to ensure that security is well considered in all technology investment decisions" said Adam Dodds, Research Manager at IDC New Zealand.