IT Security and the Role of Technology in Retail Banking Security

Industry Focus

Publication Date	June 2007
Publisher	Datamonitor
Product Type	Brief
Pages	13
ISBN Number	not applicable
Product Code	DAT05877

Price

£1,000.00
approximately: $1,491 | €1,191

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PRINT £1,050 ($1,566 | €1,251)

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Summary

Introduction

Security is a fundamental requirement for banks as they fight a battle on all fronts against fraud, identity theft and account breaches.

Scope

Covers retail banks in Western Europe and North America
Areas covered include IT security, identity management, multifactor authentication and cross-bank security.

Highlights

Banks need to invest in consolidating identity management across the enterprise so that end-users can have a single sign-on across all product systems, channels and locations in order to facilitate and simplify identity management.

Multifactor authentication remains an important piece of the security picture for banks, however, regardless of the strength of authentication or any other such security measures, some breaches can occur regardless meaning that banks cannot depend solely on multifactor authentication as a means of preventing fraud.

While banks need to have strong security solutions in place to manage individual elements of their operations, it is critical that they combine them with a cohesive security infrastructure that enables them to have a clear view of the threats they are exposed to at any given point in time across the entire enterprise.

Reasons to Purchase

Gain visibility into the dynamics of the retail banking security market
Gain market insight to assist in your strategic planning and go-to-market strategy

Content

- It Security Across The Enterprise Must Provide The Base Of The Bank's Security Operations
- Banks Need To Ensure That They Have The Basics Of Network And Data Security Covered
- Security Must Be A Key Element Of Business Continuity Planning
- Security Needs To Be Built Into Data Storage And Information Lifecycle Management
- Identity Management Must Be Extended As A Single Solution Across All Channels
- Device Management Ensures That Offline Data Is Adequately Protected
- Banks Must Control The Four Main Elements Of Identity And Access Management
- Single Sign-On Will Facilitate A Strong, More Cost Efficient Identity Management System
- Investments In Multi-Factor Authentication Will Help Banks Reduce Fraudulent Attacks
- Using Multiple Factors Of Authentication Helps Banks Ensure They Control Access
- Something I Know
- Something I Have
- Something I Am
- Authentication Analytics Are A Critical Part Of The Authorization Process
- Reverse Authentication Adds Certainty For The End User
- End User Education Is An Important Piece Of The Picture
- Different Factors Of Authentication Will Be Suitable In Different Circumstances
- Multifactor Authentication Has Its Limitations
- Initial Customer Identification Is Critical To Both Identity Management And Authentication
- Standardization, Automation And Analytics Will Be The Key To Strong Bank-Wide Security
- Security Analytics Need To Be Carried Out Across The Entire Enterprise
- In Order To Pave The Way For Joined Up Security Across The Enterprise, Banks Must Standardize
- Banks Need To Consolidate Their Security Operations To Tackle Both Fraud And Regulatory Requirements
Appendix
- Further Reading
- Ask The Analyst
List Of Figures
- Figure 1: Retail Bank Security Investment Priorities
- Figure 2: Multifactor Authentication