Security in Banking: Top Trends for 2005 and Beyond

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28 April 2005


Boston, MA, USA April 29, 2005

Celent estimates that IT security spending by North American banks will reach US$1.8 billion in 2005, a 12.2 percent increase over 2004. It is not surprising that banks are devoting these funds to IT securityprotection against constantly evolving forms of bank robbery and account fraud are a must.

IT security represents a fundamental pillar in todays banking environment as banks deal with issues such as identity theft, account fraud, trojans, hacking, phishing, and a slew of other malicious internal and external criminal activity. Banks have to be on the ball when it comes to protecting corporate networks and data, their clients, and their clients personal information and assets. In addition to this challenge, risk management and compliance must continuously be top-of-mind, as they resound through and affect all aspects of banking security.

In a new report, , Celent identifies, examines, and strategically analyzes the top information security trends and issues facing bank CSOs and their teams.

"Bank CSOs/CISOs and their teams have heavy weights on their shoulders," says

Jacob Jegher, senior analyst in Celent's banking group and author of the report. "Maintaining a secure network and environment is already a daunting and complex task for standard corporations. The addition of insider fraud and skyrocketing external malicious attacks against financial services providers have banks scurrying in all directions to find a solution."

The 34-page report contains 11 figures and six tables. A table of contents is available online.

of Celent Communications' Retail Banking and Wholesale Banking research services can download the report electronically by clicking on the icon to the left. Non-members should contact for more information.

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