• PDF: Delivered by email usually within 4 to 8 UK business hours.
  • PRINT/CD-ROM: Despatched within 1 to 2 working days.

Security in Retail Banking (Review Report)

  • Publication Date:June 2007
  • Publisher:Datamonitor
  • Product Type: Report
  • Pages:52

Security in Retail Banking (Review Report)

Introduction

Security is a fundamental requirement for all banks as customers expect their investments, personal information and credit details to be secure. Fraud continues to be an issue for retail banks across the world. The majority is currently related to cards and payments, however, identity theft and account breaches are on the rise. As a result, banks are fighting an ongoing battle on all fronts.

Scope

  • Covers the European and North American retail banking security IT markets
  • Discusses implications and industry dynamics of security IT on retail banking institutions

Highlights

Against a backdrop of tightening regulatory controls, fraudsters' increasingly sophisticated methods, growing commercial losses and concerns about customer retention, banks are being driven to implementing stronger security environments.

The number of individuals with access to a bank's internal operations is growing all the time, thus increasing the complexity of ensuring that access is tracked and that customers, staff and contractors alike all have access to what they need, while unfriendly parties are intercepted and access is blocked.

While banks need strong security solutions in place to manage individual elements of their operations, it is critical that these are combined 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 IT market
  • Gain market insight to assist in your strategic planning and go-to-market strategy
  • Overview
  • Catalyst
  • Summary
  • Methodology
  • Executive Summary
    • Introduction
    • Facing up to the security challenge in retail banking (Market Focus)
    • Security initiatives in retail banking (Strategy Focus)
    • The role of technology in retail banking security (Technology Focus)
    • Security in Retail Banking (Databook)
    • Facing up to the security challenge in retail banking (Market Focus)
    • Summary
    • Bank security and fraud are becoming an increasingly high profile issue
    • Anything other than perfect security is a failure...
    • ...But banks are facing a barrage of security threats from all sides
    • Negative publicity is a major concern for retail banks...
    • ...However, there is no smoke without fire
    • The perception of security differs by channel, but customer reactions are complex
    • The increased level of automation is opening banks up to attacks from across the globe
    • Automation and the internet enables access to bank systems from across the world...
    • ... However, automation also enables more effective fraud detection analytics
    • Banks want customers to use direct banking channels
    • However, non-IT based threats remain just as critical
    • Security breaches can happen without any help from fraudsters
    • Gathering sufficient data to commit third party fraud/identity theft does not require IT literacy
    • Customers can unwittingly compromise themselves, being tricked into disclosing security details
    • Internal employees can prove a security hazard, whether intentionally or not
    • Regulations are driving towards formal security standards
    • Regulations are having a direct impact on security initiatives
    • Wider banking regulations will also impact security
    • Security initiatives in retail banking (Strategy Focus)
    • Summary
    • Banks must address the security challenges that culture and infrastructure create
    • Banks face unique authentication challenges in each country due to both cultural and infrastructure factors
    • Banks must be able to operate securely in accordance with the regulatory environment
    • Security issues facing banks are often dependent on the size of the institution
    • Banks must tackle the authentication challenge at the customer/channel interface
    • The password burden builds up quickly particularly for direct banking customers
    • Online payments can also add to the volume of passwords customers must contend with
    • The password burden is beginning to have an impact on the customer experience
    • A multi-channel authentication solution is becoming increasingly desirable
    • Additional security layers can be used as a differentiation strategy
    • Customer segmentation
    • Institutions must tighten control over identity management and internal security
    • Internal fraud risk
    • Staffing practices and access must be managed
    • Data and systems access must be tightly controlled and monitored
    • Banks need to move beyond authentication to proactive detection across all security types
    • It is not enough for banks to rely on strong authentication
    • Multiple security standards across bank operations must be leveled
    • The implications of data leaks are growing as customers take data confidentiality increasingly seriously
    • Unplanned channel downtime undermines the bank's offering
    • The role of technology in retail banking security (Technology Focus)
    • Summary
    • 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
    • Security in European Retail Banking (Databook)
    • Introduction
    • European security IT spend by country, 2006 - 2010
    • European security IT spend by source, 2006 - 2010
    • European security IT spend by technology product, 2006 - 2010
    • European identity and access management IT spend by country, 2006 - 2010
    • Security in North American Retail Banking (Databook)
    • Introduction
    • North American security IT spend by country, 2006 - 2010
    • North American security IT spend by source, 2006 - 2010
    • North American security IT spend by technology product, 2006 - 2010
    • North American identity and access management IT spend by country, 2006 - 2010
  • Appendix
    • Definitions
    • Secure content management
    • Identity and access management
    • Security & Vulnerability management
    • Firewall & VPN
    • Intrusion detection and prevention
    • Further reading
    • Ask the analyst
    • Datamonitor consulting
    • Disclaimer
  • List of Tables
    • Table 1: European security IT spend by country, 2006 - 2010
    • Table 2: European security IT spend by source, 2006 - 2010
    • Table 3: European security IT spend by technology product, 2006 - 2010
    • Table 4: European identity and access management IT spend by country, 2006 - 2010
    • Table 5: North American security IT spend by country, 2006 - 2010
    • Table 6: North American security IT spend by source, 2006 - 2010
    • Table 7: North American security IT spend by technology product, 2006 - 2010
    • Table 8: North American identity and access management IT spend by country, 2006 - 2010
  • List of Figures
    • Figure 1: Phishing activity by sector
    • Figure 2: UK fraud losses
    • Figure 3: What compliance and regulatory issues are driving increased IT expenditure in 2007?
    • Figure 4: Example of potential password burden on one customer
    • Figure 5: Banks must ensure they are able to interact with legitimate customers while blocking threats
    • Figure 6: Retail bank security investment priorities
    • Figure 7: Multifactor authentication
    • Figure 8: European security IT spend by country, 2006 - 2010
    • Figure 9: European security IT spend by source, 2006 - 2010
    • Figure 10: European security IT spend by technology product, 2006 - 2010
    • Figure 11: European identity and access management IT spend by country, 2006 - 2010
    • Figure 12: North American security IT spend by country, 2006 - 2010
    • Figure 13: North American security IT spend by source, 2006 - 2010
    • Figure 14: North American security IT spend by technology product, 2006 - 2010
    • Figure 15: North American identity and access management IT spend by country, 2006 - 2010
+44 20 8816 8548

Ask a question about Security in Retail Banking (Review Report)

Enter the characters you see in the picture below
Captcha