9 Out of 10 IT Security Pros in Financial Services Wary of Data Breach: Report

Vormetric’s Data Threat Report finds out that 44 percent have already experienced a data breach as spending to protect data is increasing, but concentrated in least effective security controls

Vormetric has revealed the results of the Financial Services Edition of the 2016 Vormetric Data Threat Report (DTR). The report is issued in conjunction with analyst firm 451 Research, reporting responses from 1,100 senior IT security executives at large enterprises worldwide, including over 100 in U.S. financial services organizations. This edition of the fourth annual report extends earlier findings of the global report, focusing on responses from IT security leaders in financial services, which details IT security spending plans, perceptions of threats to data, rates of data breach failures and data security stances.

Garrett Bekker, Senior Analyst, Information Security, at 451 Research and the author of the 2016 Vormetric Data Threat Report said, “Something doesn’t add up in the plans of financial services organizations for protecting data. Spending to protect data is increasing fastest in areas that have been shown to be ineffective at protecting against multi-stage attacks – Network defenses (65 percent) and end point and mobile device defenses (58 percent) – still see the highest increase in spending, while approaches like data-at-rest defenses that have been proven to be effective at protecting data after perimeter defenses have been bypassed, are at the bottom (48 percent).”

Key findings in the report included

  • 90 percent feel vulnerable to data threats
  • 44 percent have already experienced a data breach, with nearly one in five (19 percent) indicating a breach in the last year
  • At 56 percent, meeting compliance requirements was the top IT security spending priority, but preventing data breaches at 50 percent and best practices, also at 50 percent, were close followers
  • Complexity at 68 percent, and lack of staff at 35 percent, are identified as top barriers to adoption of better data security
  • Bright spots include 70 percent increasing spending to offset threats to data and 48 percent increasing spending on data-at-rest defenses this year

Tina Stewart, VP Marketing for Vormetric added, “Financial services organizations continue to feel the heat from cyber attackers. They are investing to help solve the problem, but surprisingly, are failing to connect the dots about the best solutions to use. With the world’s financial data in their custody, the most effective way to protect this information, once networks and systems are penetrated, is to enhance data protection investments.”

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