Banks face jump in technology spending: report

Banks which have patched up their information technology (IT) systems too often in recent years face big increases in spending to modernize their operations for the digital age.

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But digital innovation should help offset the outlays by cutting the costs of new branches, which are likely to be 25 percent smaller and have a fifth fewer staff.

IT costs are likely to rise by about 10 percent over the next 10 years, broadly offset by a possible 5 percent fall in branch costs, analysts predicted.

What does your IT budget look like?

Advance Suggests Banking Encryption (RSA) Could Fall Within 5 Years

The encryption systems used to secure online bank accounts and keep critical communications private could be undone in just a few years, security researchers warned at the Black Hat conference.

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Breakthroughs in math research made in the past six months could underpin practical, fast ways to decode encrypted data that’s considered unbreakable today.

The sophisticated Flame malware discovered last year featured a completely new mathematical technique to defeat an encryption method used to verify some software updates as originating with Microsoft, allowing Flame to masquerade as legitimate software.

Are you concerned for the protection of your data?