By 2017 the banks are forecast to spend over £30 billion on IT Security but they need to spend much more!

Almost every year Australia struggles with major life threatening bush fires that cause untold destruction. Many people believe that these could be avoided if the bush was cleared more regularly in the winter and spring, preventing the fires that do spark from taking hold, or indeed preventing the fires from spreading at all.

In the same way, the major banks around the world are spending a fortune constantly fighting security fires which threaten service, millions of pounds as well as customer data, not to mention any associated reputational damage. However, with greater investment, collaboration and an end-to-end preventative strategy, they would be able to reduce and manage the growing problem of IT Security breaches, data losses and reputational impacts.

Ballintrae continually work with their banking clients to ensure they regularly look at IT Security across their entire estate, engaging them with best of breed tools and solutions to ensure compliance, whilst safeguarding them against threats.

The growing threat landscape, both from internal and external attacks, was the main driver for Ballintrae setting up their IT Security Forum, where leading practitioners from the Financial Services sector meet on a regular basis to share experiences and frequently collaborate on preventative measures. The combination of access to new and innovative IT Security products and solutions, combined with the ability to collaborate with peers is welcomed by all members, as it is a means of counteracting the increasing sophistication of attacks, against the backdrop of severe budget challenges.

The Ballintrae IT Security Forum has shown that the vast majority of threats are common across all of our banking clients and our members feel that by working together, they can truly beat ‘fire with fire’.

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