IT Security and the Role of Technology in Retail Banking Security (Technology Focus)

Published by: Datamonitor

Published: Jun. 7, 2007 - 13 Pages

Table of Contents

DATAMONITOR VIEW

CATALYST

SUMMARY

METHODOLOGY

ANALYSIS

IT security across the enterprise must provide the base of the bank's security operations

Banks need to ensure that they have the basics of network and data security covered

Security must be a key element of business continuity planning

Security needs to be built into data storage and information lifecycle management

Identity management must be extended as a single solution across all channels

Device management ensures that offline data is adequately protected

Banks must control the four main elements of identity and access management

Single sign-on will facilitate a strong, more cost efficient identity management system

Investments in multi-factor authentication will help banks reduce fraudulent attacks

Using multiple factors of authentication helps banks ensure they control access

Something I know

Something I have

Something I am

Authentication analytics are a critical part of the authorization process

Reverse authentication adds certainty for the end user

End user education is an important piece of the picture

Different factors of authentication will be suitable in different circumstances

Multifactor authentication has its limitations

Initial customer identification is critical to both identity management and authentication

Standardization, automation and analytics will be the key to strong bank-wide security

Security analytics need to be carried out across the entire enterprise

In order to pave the way for joined up security across the enterprise, banks must standardize

Banks need to consolidate their security operations to tackle both fraud and regulatory requirements

APPENDIX

Further reading

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List of Figures

Figure 1: Retail bank security investment priorities

Figure 2: Multifactor authentication

Abstract

Introduction

Security is a fundamental requirement for banks as they fight a battle on all fronts against fraud, identity theft and account breaches.

Scope

Covers retail banks in Western Europe and North America

Areas covered include IT security, identity management, multifactor authentication and cross-bank security.

Highlights

Banks need to invest in consolidating identity management across the enterprise so that end-users can have a single sign-on across all product systems, channels and locations in order to facilitate and simplify identity management.

Multifactor authentication remains an important piece of the security picture for banks, however, regardless of the strength of authentication or any other such security measures, some breaches can occur regardless meaning that banks cannot depend solely on multifactor authentication as a means of preventing fraud.

While banks need to have strong security solutions in place to manage individual elements of their operations, it is critical that they combine them with a cohesive security infrastructure that enables them to have a clear view of the threats they are exposed to at any given point in time across the entire enterprise.

Reasons to Purchase

Gain visibility into the dynamics of the retail banking security market

Gain market insight to assist in your strategic planning and go-to-market strategy

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