Financial events, human factors and recent technology trends may expose global financial institutions, including insurers, to an increased risk of data breaches, according to a survey of international financial institutions' information security efforts.
Deloitte Touche Tohmatsu's sixth annual survey cited “tighter budgets, a greater concern over internal security breaches due to lower employee morale, and complacency after a decrease in overall attacks over the past year” as the reasons for the elevated risk.
“As the current crisis continues to deepen, financial institutions may look to save money by cutting IT budgets and reducing spending on security infrastructure,” said Mark Steinhoff, the leader of New York-based Deloitte's financial services security and privacy group and a contributor to the report.
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