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Cyber security a top priority in Australia: Deloitte

Australia and Asia-Pacific lead the world when it comes to prioritising governance

Australian and Asia-Pacific financial services industry organisations have made information security governance their top security initiative, according to professional services firm, Deloitte's 8th global financial services industry security survey.

It showed Australia and Asia-Pacific led the world when it comes to prioritising governance on IT security and that they believe their expenditure on information security is on or above plan.

The study surveyed more than 250 financial services organisations from 39 countries.

With the exception of Canada and Japan, more than 50 per cent of the respondents reported an increase in their information security budgets.

Although one in three financial institutions in Asia-Pacific endured privacy related breaches in the last year, the statistics were much higher in the rest of the world.

Companies in the US reported 50 per cent of all financial institutions were breached, and in the UK more than two out of three organisations were breached.

"Most organisations are challenged with balancing the cost of information security initiatives with the risk of sophisticated threats and emerging technologies, but organisations are more proactive in implementing security measures and creating greater awareness within the business than in previous years," Deloitte national IT security leader, Tommy Viljoen, said.

Other findings from the study include:

  • 37 per cent of respondents are revising their organisational policies, and 33 per cent are educating users on social networking to address security risks.
  • Mobile network vulnerabilities are highest in Canada and lowest in Asia-Pacific and Japan. More than 50 per cent of respondents said they have not yet planned to deploy anti-phishing software, employee and customer-facing applications, and data loss prevention for mobile devices.
  • The three greatest technology related risks perceived by the sector were: financial fraud involving information systems, employee errors and omissions and breaches of information.
  • 50 per cent of participants reported they had implemented or purchased Cloud computing services. However 40 per cent of Asia-Pacific and Australian participants still do not use Cloud computing because of technology prematurity, security risks, and adoption capabilities of the organisation.

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