The bare minimum. That is what the vast majority of financialinstitutions surveyed for the ThreatMetrix 2012 State of CybercrimeStudy are doing to protect themselves against fraudsters, saidAndreas Baumhof, chief technology officer for ThreatMetrix, a San Jose, Calif. based company focused on cybercrime.
|“Most financial institutions aren't doing more than theminimum,” he said in an interview.
|The survey asked IT executives at financial institutions andretailers how important stopping online fraud is to them. Ninety-three percent said it was very important.
|However, most had only “baseline” self-defense tools in place,said Baumhof, who elaborated that the usual tool set consisted ofinternal firewall, gateway anti-virus/malware, gateway firewall,intrusion detection/prevention and security management systems.
|“Many FIs seem to be doing only as much as they have to tocomply with regulations, and that isn't good enough,” said Baumhof.He said well-funded cyber crime organizations are continuallybuilding new attacks and so an organization needs to take aproactive posture to keep itself defended against what is comingtomorrow.
|That is not happening at many financial institutions, saidBaumhof. “In today's world, it's not enough to look at thecurrent attack vectors. The bad guys are moving very fast – we needto move towards more of a holistic view of cybercrime and how toprevent it.”
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