UK: FINANCIAL SERVICES MUST FOCUS ON CYBER-CRIME
Article Abstract:
Financial services companies must take cyber-crime seriously if they are to secure customer confidence. Responsibility for e-commerce security should lie with the board of directors, not the IT department, with a company-wide security policy being established that includes a high level of staff awareness. Security issues should be reviewed regularly and efficient incident handling procedures should be drawn up. The DTI's Information Security Breaches Survey 2000 shows that in the past two years, 60% of financial organisations have suffered at least one security breach, costing over GBu 100,000, while a separate survey reveals that 50% of financial services companies do not believe their IT systems are safe from hackers. E-commerce transactions within the UK amount to around GBu 3bn, according to the DTI survey and could grow to account for 4% of UK gross domestic product by end-2002.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: FINANCIAL ONLINE BUSINESS BOOM PREDICTED
Article Abstract:
According to new research, 100 IFAs at 75 companies predicts that over the next two years, online communication with providers will grow by 226%, while 83% are already operating or planning websites and 50% use mortgage software. The survey named the top five providers offering the greatest product selection as Standard Life, Norwich Union, CGU, Skandia and Sun Life. Nevertheless, IFAs criticised the standards of service they received even from the top five providers, and would like to see a common provider platform. Many complained that administrators were unable to deal with diverse systems and that providers lacked a consistent website strategy.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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Industry buttresses UK economy
Article Abstract:
In 1996, net earnings exceeding GB 22.7bn were generated by the UK financial services sector, revealed British Invisibles' International Financial Markets report released in July 1998. The UK leads the world in financial services and the sector is vital to prosperity in the UK, believes British Invisibles, which noted that over the past ten years, financial services growth has far exceeding economic growth. The financial services market employed over 1mn people
Comment:
UK: Financial svcs sector posts net earnings exceeding GBP22.7 bil in 1996, shows British Invisibles report
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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