Facing persistent online fraud attempts and the occasional but sometimes elaborate phishing attack, it is unsurprising that banks are becoming worried that defiencies in their identity management regimes could impact the security of their network transactions.
Fresh research in the UK shows that 73% of banks now cite identity management as their top transaction security concern, which has made identity management rise from being fifth to the most important driver for transaction security spend.
Integrity of data and the security of the network were found to be the next most important transaction security issues, in the research conducted on behalf of Thales UK by independent business market research specialist Vanson Bourne.
The number of banks now assigning separate budget for identity management has risen from 22% to 60% since 2003. Moreover, two-thirds of the banks’ transaction security infrastructures are either receiving or require immediate upgrade, the company said.