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Online Fraud: Half of Financial Companies Prefer to Mitigate Rather than Prevent
Highlights
Kaspersky Lab, in cooperation with B2B International, has conducted a survey among company representatives to find out their attitudes towards information security, including financial companies’ policies towards protection from online fraud. The survey found that about half of banks and payment systems prefer to handle cyberincidents when they happen, rather than invest into tools with which to prevent them.
Kaspersky Lab, in cooperation with B2B International, has conducted a survey among company representatives to find out their attitudes towards information security, including financial companies’ policies towards protection from online fraud. The survey found that about half of banks and payment systems prefer to handle cyberincidents when they happen, rather than invest into tools with which to prevent them.
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Kaspersky Lab's IT Security Risk Survey 2015, which involved more than 5000 company representatives, from 26 countries including 131 banks' and payment services' and a total of 256 respondents from India.
During the survey, 48% of financial organizations said they take measures to protect their clients from online fraud, aiming at mitigating the consequences rather than preventing incidents entirely. Moreover, 29% of companies believe it is cheaper and more effective to address cases of fraud as they occur, rather than to attempt to prevent them.
According to the responses given by the surveyed bank representatives and payment service operators, whenever a cyberfraud incident involving a client’s account occurs, only 41 % of organizations necessarily take measures to prevent such an incident from re-occurring in the future. 36 % of companies conduct an analysis of the vulnerability exploited in the attack, and 38% compensate the losses. The most popular policy among companies is to try to find out who was behind the attack: two thirds (66 %) of financial organizations do this.
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