Digital security experts, Xiphos Research has released data suggesting that more than half of banks and building societies in the UK currently have sub-standard security for their online banking logins. Xiphos examined the SSL certificate instances associated with the secure login function and found 11 banks had insecure SSL instances, while 51% of 37 building societies (also known as credit unions) also had issues, and more than three quarters of foreign-owned outfits were found to have problems.
Commenting on the news, Xiphos co-founder Mike Kemp said,
“As things stand, over 50% of banks and building societies in the UK have weak SSL implementations associated with their secure login functions. And the impacted parties don’t seem to care.”
With cybersecurity increasingly important across banking and payments as criminals devise new methods of obtaining consumer data, the fact that many UK banks have failed to provide significant security measures should be concerning. However with this knowledge the associated banks can improve their security standards while still delivering a convenient service to their customers.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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