FROM BANK TECHNOLOGY NEWS…
The primary driver of information security is-surprise, surprise-regulatory compliance. A new survey by Ernst & Young cites the “sheer number of regulations and the consequences of not complying with them” as the reasons that information security is now a boardroom issue. More than three-fourths (76 percent) of banking respondents to the survey cited compliance as the “primary driver” of information security in their companies the past year.
Respondents were asked by Ernst & Young to rank the top three types of regulations or requirements that affect their bank’s information security practices. Operational risk was cited as the primary driver (69 percent), followed by internal controls (63 percent) and privacy (49 percent). Industry-specific regulations ranked fourth at 44 percent.
While bankers remain hyper-focused on compliance, Ernst & Young officials maintain that industry players are missing an opportunity to strategically align information security within their organizations.
The reason?
