Europe, Middle East, Africa |
ADT Worldwide
| Conference Reveals that Partnerships Hold the Key for Security in the European Finance and Banking Sector | |
| 21 November 2007 In response to the growing sophistication and international scale of crime, stronger partnerships between companies, regulators and law enforcement agencies are required, according to senior executives from leading European financial institutions that attended the 2007 Financial Security Symposium in London recently. Sir Chris Fox, a former President of the UK Association of Chief Police Officers, chaired the conference. “Security threats have evolved quickly as the services that financial institutions offer have changed,” he said. “The conventional physical threats of armed robbery, kidnap and cash in transit raids remain, but there is now an increased focus on the growth of non-physical threats such as identity theft and fraud. “The internet has made the world a smaller place. You can be in Russia or Nigeria and commit crime thousands of miles away. The threat is sophisticated and does not discriminate between organisations or individuals. This conference brought together decision-makers from across Europe and beyond to share ideas and help them stay ahead of evolving risks.” Research amongst delegates revealed that almost three quarters (74%) of them felt identity theft and fraud was the biggest security challenge facing the sector. They also believed the most significant technology developments in recent years to help improve safety and security have been electronic systems to prevent identity theft and fraud and the increased use of closed circuit television (CCTV). Two thirds (66%) of the delegates thought the most significant factor shaping security strategy was more sophisticated types of criminal behaviour. Opinion was divided, however, on what would best help enhance security in the future. The introduction of personal identification cards in some countries, further advances in online banking security and tougher sentences for criminals were the most favoured options. More sharing of information between the various organisations was also identified as important. Martin Gill, Professor of Criminology at the University of Leicester in the UK, emphasised the importance of understanding why criminals commit offences. “It is very important to talk with offenders to understand why and how they commit crime. When we understand the way they think, we can plan the best way to respond. “Often when I match what criminals say with what companies are doing, there are gaps,” continues Professor Gill. “Organisations often develop their approach towards security with little understanding of the problems they actually face. It is imperative that they have a considered and informed strategy which is tested in a realistic way to ensure it works effectively.” “Security threats are having a real impact on the finance and banking sector,” comments Ron Krisanda, President of ADT Europe, Middle East and Africa. “For example, losses from card skimming at automatic teller machines across Europe exceeded €306 million in 2006. Whilst we have developed new solutions to help tackle problems such as this, it is clear from the discussions at this Symposium that no one person, company or organisation has all the answers. Developing networks to share information quickly and working more closely together will help financial institutions protect themselves more effectively.” More information about the 2007 Financial Security Symposium, sponsored by ADT, including podcast interviews with some of the key speakers, can be found at www.adt.co.uk/financial. - ends - NOTES TO EDITORS About ADT
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