Security survey says life's a breach

Thursday, 26 June 2003, 1:28 PM EST

More than two-thirds of financial institutions globally have reported their information security procedures were "compromised" in the past year.

However, Australian banks emerge relatively well in most aspects of security maintenance, according to the Deloitte Touche Tohmatsu survey of 80 of the top 500 institutions.

Worryingly, 39 per cent of the global respondents reported breaches, one-fifth of which were from outside the organisation.

Problems ranged from theft of information to the effect of the Love Letter virus in 2000, which helped cause an estimated $5 billion damage.

About 80 per cent were confident about their protection against malicious cyber attacks, but only 43 per cent of respondents were confident their back-up plans would be completely effective.

[ Read more ]




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