Banking/ Financial SMBs To Increase Security Spend

by CXOtoday Staff    Nov 03, 2006

AMI’s latest study indicates that SMBs across the Asia-Pacific region outside Japan involved in the banking and financial services sector will spend upwards of $42 million (up 40% from last year’s $30 million) in the current year.

“SMBs from the banking and financial services vertical need to strengthen IT security all the more due to the private and sensitive nature of data that they deal with in their course of work. In addition to the usual viruses and worm attacks, these SMBs also have to fend off hackers and phishers,” says Diana Ng, Singapore-based research analyst at AMI-Partners.

Medium businesses (100-999 employees) will account for nearly 60% of this spend. Breaking down last year’s $30 million spend, AMI informs that 33% was spent anti-virus software and 11% on security hardware like firewall appliances. According to AMI, SMBs need to invest in security applications such as intrusion detection/ prevention software and secure content management software.

“As SMBs evolve toward e-commerce and online banking, they need to assure their clients that their user names, passwords and account details are safe in the systems of these banking and finance establishments. This is imperative today because of increasing reports of banks and credit card companies falling victim to hackers and phishers worldwide,” says Ng.

Companies in the finance sector need to have the strongest security systems in place through regular maintenance and updates required for the security system to defend the organization against the latest virus attacks and online frauds.