ReadiMinds' Online Security Survey Results

ReadiMinds has announced the results of its online security survey titled ‘State of Online Security in Financial Institutions in India - 2008’. Respondents represented cross-section of India’s top 40 banks. The study primarily focused on the issues pertaining to online identity theft and online financial frauds.

Key findings of this survey are as follows:

1. 30% of banks reported to have been victims of identity theft during the last one year.

2. 30% of banks reported to have been victims of phishing during the last one year.

3. Man-in-the-middle attack has reached Indian shores - 10% of banks were victims of it during the last one year.

4. Online Security is a business issue! There seems to be a strong link between the business performance of a financial institution and the online security measures implemented by it. Over 70% of banks that reported to have implemented stronger security, also regularly deliver better business performance compared to their peer group.

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5. Over 57% of banks still do not have a dedicated budget for online security. Online security is still part of the IT budget.

6. Only 57% of respondent banks have a formal plan in place for creating customer awareness against online identity theft and financial frauds.

7. 100% of respondents were aware that integrating Stronger User Authentication, with Fraud Detection, and Risk Based Transaction Verification is the strongest form of defence against Online Identity Theft and Financial Frauds.