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K banks will be forced to publish complaints and security breach data - Insight UK

December 2017 by Lal Hussain, IT Director of Applications, Insight UK

Lal Hussain, IT Director of Applications, Insight UK commented on this with:

“We live in a world where cyberattacks are constantly evolving meaning organisations are continuously at risk. That’s why it is refreshing to see that UK banks will be required to publish data on how many complaints and critical security breaches they have. This marks an important step in ensuring organisations of all sizes remain responsible when it comes to protecting their customers both in terms of quality of service and the security of digital assets. In a world where trust is increasingly tested in the light of revelations such as the Equifax breach and the Uber fiasco, this will bring much needed transparency.

“Our own multi-sector research, however, did reveal that less than two-fifths of senior business leaders hope to achieve improved security when implementing IT solutions. What’s more, with our findings also revealing that half of business leaders pointed to data privacy as one of the top things customers value, it is clear the majority of businesses still aren’t aware of how seriously customers take data protection.

“In the world of ‘always-on’, every device is an entry point. Cyber security must be designed into every single project and business solution that is put forward to be signed off. As such, security which is transparent to customers will help to differentiate in the future. In the same way you don’t need to see police officers on every corner to be reassured that they are there, you understand the basic social contract which assures you security without it being thrust to the forefront at every occasion.”

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