Studies have shown that the financial services industry has become a primary target of cyber attacks on a global scale. This is not surprising considering the highly valuable information that all FSPs collect and maintain on a daily basis. According to a February 2010 report by Javelin Strategy & Research, total financial losses from identity fraud in 2009 were $54 billion, an increase from $48 billion in 2008. Offering a wider range of online services alone will not be sufficient to reduce customer churn; it must be accompanied by enhanced security features that provide the customer with confidence and, in turn, results in winning their long-term trust and loyalty. It is, therefore, essential that financial services providers take a proactive approach to identifying potential cyber attack threats and the areas of vulnerability within their own infrastructure. To aid in this process, this paper will provide insight into the top five threats to the online banking in the financial services industry and SafeNet’s recommended solutions for a defense that not only provides a secure transaction environment for customers but also satisfies stringent government and industry compliance regulations.
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