Banks and financial institutions should rethink their traditional network security practices as mobile devices proliferate, bandwidth demand expands and new cyber threats emerge, according to Fortinet, a leading network security provider.
It said the traditional IT security in the financial sector was beginning to reach its limits in guaranteeing the right level of customer privacy and protection of sensitive data.
"Of late, it has become a huge challenge for financial institutions to constantly find ways to improve security coverage, performance and visibility, and at the same time meet stringent regulatory demands," it said in a statement today.
With more financial business functions going online, it has become critical for banks to overhaul their IT security strategy, Fortinet added.
It said adopting solutions that simplify and unify their security architecture across every point of the network, including branch offices, automated teller machine systems and mobile endpoints, was the only way they can dramatically lower risk exposure while limiting complexity.
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