According to a survey conducted by Kaspersky Lab and B2B International in 2014, 53% of companies are willing to invest in software specifically designed to protect financial transactions, using either components installed in their own infrastructure or provided by a third-party service
Within participation as a Gold sponsor in the Middle East Banking Innovation Summit 2014 in Dubai, UAE, on 29 or 30 of September, Kaspesrky Lab presented results of a survey conducted by the company and B2B International in 2014. According to these, 53% of companies worldwide are willing to invest in software specifically designed to protect financial transactions, using either components installed in their own infrastructure or provided by a third-party service. In the GCC region the figure is 40%.
According to Kaspersky Lab’s survey, the safety of payment data and financial transactions is a high priority for business: 34% of companies globally and 26% in the GCC place the protection of this information as a top three IT management priority for the coming year, and nearly half the respondents (36% in the GCC) believe their company needs greater security for financial transactions. Larger companies are more willing to invest in the best security technology: among enterprises with more than 5,000 employees, 64% of companies around the world have declared that they are ready to pay more for a premium security service, compared to 48% of smaller businesses.
The survey also noted how often cybercriminals steal financial data from companies worldwide: 33% of businesses which lost data in cyber-attacks admitted payment data was stolen. 32% of respondents both globally and in the GCC felt this was the worst possible type of data they could lose. And it appears their fears are justified —Kaspersky Lab experts recently discovered a fraud campaign targeting the clients of a large European bank, where the fraudsters intercepted customer financial data and in the space of just one week stole more than half a million euros from accounts in the bank. Today it is also important for businesses to think about multi-platform protection since, according to the survey, 43% of businesses globally and 34% in the GCC claimed to conduct sensitive transactions on mobile devices.
"Customers are willing to invest in protecting their payments, and the high rate of financial data theft demonstrated in our survey is yet another reason why effective protection is worth the investment. Financial service providers should implement integrated security solutions that provide proactive fraud prevention to maximize effectiveness and optimize user experience. These layers of protection will allow financial service providers to not only avoid the loss of money and reputation that result from data breaches, but to earn extra income by attracting new customers and offering additional high margin services to existing customers as a differentiator," says Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab.
To provide such protection Kaspersky Lab has developed the Kaspersky Fraud Prevention platform for financial and e-commerce companies. It can protect any device used by customers, regardless of whether the customer uses a Windows-, Mac-, iOS-, Android-based device or Windows Phone, and can detect illegal transactions within the company’s infrastructure. In addition, the platform includes information services and tools that enable financial services companies to develop robust defenses against cyber fraud in their own secure mobile apps with the support of Kaspersky Lab’s advanced technologies.
