04 Nov 2009

Online security 'must improve'

Companies need to be aware of the threat that is ever-present when using online services, it has been claimed.

Mel Morris, chief executive officer at Prevx, said data security should be a top priority for firms, especially when dealing with fund or confidential information transfers.

Therefore, investment in improving data security measures should not be scrimped on by businesses, although a great deal of research into this area should also be carried out by banks and other parties who could be liable for such incidents.

He commented: "Even after applying all the latest security products that have conventionally been available, still online banking fraud exists and the banks are well aware that the existing security applications are not capturing all of the threat."

According to a recent study by Gartner, the worldwide security software market will be worth $14.5 billion (£8.89 billion) in 2009, an eight per cent increase from 2008.

Furthermore, in 2009, consumer security will remain the largest segment in terms of total software revenue in the security software market, representing 25 per cent of the sector.