ReadiMinds is pleased to announce the results of its maiden Asian online security survey titled "State of Online Security in Financial Institutions in Asia - 2008". This is arguably Asia's first such survey. Survey* respondents represented cross section of Asia's major banks. The study primarily focused on the issues pertaining to online identity theft and online financial frauds.
Key findings of this survey are:
1. Over 25% of banks reported to have been the victims of phishing during the last one year.
2. Over 60% of banks still do not have dedicated budget for online security. Online security is still part of the IT budget.
3. Software based 2FA [including phone factor] seems to be gaining increasing popularity over the traditional hardware security devices for 2FA. 20% of respondents seems to have already adopted it - a growing trend among the financial institutions. Among the recent implementers of stronger online security, over 30% have adopted risk based approach.
4. Only 20% of respondent banks have a formal plan in place for creating customer awareness against online identity theft and financial frauds.
5. Identity management and/or fraud prevention, risk management, regulatory compliance and disaster recovery are the top security agendas for 2008 for Asian banks.
6. Only 20% of banks were found to have implemented any form of stronger online security.
7. Online security is a business issue. There is increasing awareness of the importance of online security. Among the banks that have implemented stronger online security, 40% of them have a dedicated CISO now.
8. 100% of respondents were aware that integrating Stronger User Authentication, with Fraud Detection, and Risk Based Transaction Authorization is the strongest form of defence against Online Identity Theft, MITM attacks and Financial Frauds. It seems there is increasing desire to take holistic approach to transaction security.
9. Awareness of the impact of online security incidents seems quite low though. 75% of respondents were not well aware of the impact of online security incidents in their own banks.
*Note to Editor: ReadiMinds conducted this survey during the month of June, 2008. Countries covered are Singapore, Hongkong, Taiwan, Malaysia, Indonesia, Thailand, Philippines, Bangladesh, Srilanka, Vietnam and Combodia.
About ReadiMinds
ReadiMinds is a specialist new generation transaction security software product company, with a proven and acknowledged track record of innovation and leading edge software solutions for the financial and securities industry. We are headquartered in Singapore, with substantial presence in Bangalore, India.
Our ReadiONE: Right-Time Response System is the result of over 5 years of R&D, and is targeted for emerging new class of applications, requiring Right-Time Response to Prevent Losses and Optimize Opportunities. Our key focus is on Integrated Identity Theft & Online Financial Fraud Prevention and Business Activity Monitoring, for Banking & Securities Industry.
ReadiMinds is Red Herring Asia 100 Finalist for 2007. ReadiMinds is also proud to be included and extensively covered in a book titled "Innovative Singapore Companies" [Publisher: IE, Singapore]. ReadiMinds has the distinction of being a pioneer and innovator in SOA technology in 2001, followed by BPEL in 2002 and CEP in 2004. ReadiMinds also received "CRN Test Centre Recommended" rating in 2005. ReadiMinds is also the founder member of Oasis Asia.
Our ReadiONE Software Suite is built ground-up using EDA, SOA, BPA, and Web Services standards.
In addition to marketing ReadiONE Software Suite, ReadiMinds also selectively provides product components for white labelling/OEM.
ReadiMinds serves its clientele from strategically located offices and business partners. You could visit our web site at ReadiMinds. For sales, alliance and advisory services enquiries, ReadiMinds can be contacted at: Contact [at] ReadiMinds.com.
