IT Security and Privacy Issues in Global Financial Services Institutions: Do Socio-Economic and Cultural Factors Matter?

Abstract

Financial services institutions (FSIs) around the globe know they must proactively work toward protecting customer data and thwarting emerging security threats. Deloitte Touche Tohmatsu (DTT), an international firm that provides audit, consulting, and financial advisory services has used its networks and reach to investigate security and privacy issues in FSIs around the world. DTTpsilas first survey appeared in 2003 and four others have followed since then. This present article draws from last survey. Given that the literature has shown that socio-economic and cultural factors are important considerations for organizations when accepting innovations and new practices. This study was designed to provide a layer of understanding not seen in the DTTpsilas study by examining whether socio-economic and cultural indicators matter in how IT security and privacy issues are being perceived in global FSIs. Two relevant hypotheses were developed to test our assertions. The main finding of the study was that such contextual factors may not be sufficient in differentiating how global FISs view or respond to key IT security and privacy issues. However, our study found one item related to security awareness training for FISspsila employees to vary significantly across the surveyed regions when the gross domestic product (GDP per capita) variable was used in the analysis. It is hoped that our studypsilas findings and conclusion will be beneficial to practitioners and researchers.