Cyberattacks on IT systems of banks and insurance companies are on the
rise worldwide, according to a survey released Thursday.
Deloitte Touche Tohmatsu's study showed that nearly 83 percent of respondents
said their systems had been compromised in the past year, compared with 39
percent in 2003. Nearly 40 percent of the respondents whose systems were
attacked reported financial losses.
The study is based on
interviews with senior security officers from 100 of the top global financial
In spite of increasing security attacks, not every company's security budget
is growing. About 5 percent of those surveyed said their security budgets
remained flat, while 10 percent had their budgets reduced from the previous
year. The percentage of companies that have fully deployed antivirus measures
declined to 87 from of 96 in the previous year. And one-third felt security
technologies in their companies are not being used effectively.
"Financial institutions are fighting an ongoing battle to combat and mitigate
ever-increasing security threats and attacks, and privacy violations, as well as
comply with the increasingly stringent regulatory environment," Ted
DeZabala, a principal of Enterprise Risk Services at Deloitte, said in a