Banks to Spend More on Security Next Year

According to an online poll of 50 bank technology executives in July, both large and small banks have plans to make increases in spending in security in 2016. Most executives forecast a 10% to 19% increase in allocations for security next year. In the survey, 42% of respondents identified, “keeping up with security issues,” as one of their top 5 challenges. From American Banker,

“The scale of growth in security spending appears particularly large, however, a plurality of those anticipating higher security spending forecast increases in the range of 10% to 19% next year.”

From this recent poll, it seems both large and small banking institutions are preparing to increase their budgets in security spending. But is a 10% increase enough? Banks that continue to take security lightly will certainly see big problems ahead.

According to Business Insider, the U.S. Navy is taking extreme measures against the serious threat of hacking. If a ship’s GPS system were to get hacked, it could be serious trouble for a U.S. Navy vessel. By re-teaching celestial navigation of its vessels to all of its new naval captains, the U.S. Navy is showing that it takes the threat of hacking very seriously. Banks should also take security measures very seriously and plan to be more aggressive on their security spending in 2016.

(Source: http://www.americanbanker.com/news/bank-technology/banks-to-spend-more-on-tech-in-2016-especially-security-1077200-1.html?utm_medium=email&ET=americanbanker:e5349459:4605278a:&utm_source=newsletter&utm_campaign=btn%20daily-oct%2016%202015&st=email&eid=bdd3ec07699db0016e55a4ecae77baae)