Security concerns over insider threats
A staggering 94 per cent of Australian financial services companies do not feel safe from insider threats to computer security - particularly from contract workers.It's not just financial institutions that are concerned about internal data security; a survey of 183 Australian organisations across multiple sectors found that 91 per cent were worried about unauthorised insider access.Of the 10 percent of the survey sample which identified as financial services organisations, an overwhelming majority said that they were concerned about the opportunity for employees or contractors to take or access data to which they were not entitled. More than half (52 percent) of financial sector survey respondents said they were worried about third party contractors, and 37 per cent had concerns about their own staff accessing data inappropriately.The survey, conducted by analyst Ovum on behalf of security company Vormetric, found that the migration to cloud computing was creating an additional security concern.Almost one in nine financial services companies said that they were concerned about the lack of transparency regarding cloud provider security practices, and 69 per cent were also worried about the lack of control they felt they had over where their data was stored in the cloud.Unlike other sectors which are largely driven to improve security arrangements in order to meet regulatory or compliance requirements, the biggest driver pushing security spending in banks was because they recognised they were custodians of "large amounts of data, which is attractive to cyber criminals".