How is security affected by the Credit Crunch - Post 2 (of many)
The markets are up today, that can only be good news, but it would be a fool that would say we have definitely turned the corner.
There seems to be a pattern that you can follow when we have major incidents like this:
1) Panic
2) Attempts at a solution (which either individually or combined) eventually works
3) Assessment of how things have changed and what we should be doing now
I think we are edging towards number 3 now.
And if that is the case, what has changed? Well firstly consumer trust in banking has been badly knocked. These great institutions don't quite seem as solid as they did 6 months ago.
And it is wider than that, this article from computer weekly highlights how consumers and employees are not happy with the measures taken by big business when protecting their identity:
http://www.computerweekly.com/Articles/2008/10/10/232612/fraud-survey-highlights-business-security-failures.htm
As in banking, if you don't trust you don't do business.
So what should banks be doing? Well they need to regain the trust of their customers and one way of doing that is demonstrating they take their consumers security seriously, especially in the online space where confidence is already low.
I am not saying that this will cancel out all the mistrust that has been generated but building trust takes time and little steps can make a big difference.
