Indian BFSI firms pay heavy price for poor IT security
A study by global information security firm Symantec of 100 companies from India’s banking, financial services and insurance (BFSI) industry revealed that each firm lost Rs 6.86 crore on an average due to security breaches. In the case of banks in India, the average financial loss last year was Rs 12.6 crore.
The findings of the report, Symantec Security Check — Indian Financial Services Industry 2011, released in Mumbai on Thursday, reveal regulatory and governance mandates as a key driver of IT security for 50 per cent of financial services enterprises. Increasing e-commerce and mobile transactions were identified as another important reason for increased adoption of security by these organisations.
In fact, the report comes out just ahead of the ensuing deadline for banks to comply with RBI guidelines. During the last financial year, 23 per cent of respondents experienced an external attack ranging from phishing attempts, theft of proprietary information and denial of service attacks.
