Technology Vendors Have Obligation to Secure Bank Applications

--(BUSINESS WIRE)--The global economic costs of cyber crime are estimated at more than $1 trillion¹, and costs to the United States alone are about $8 billion. According to Gartner, the worldwide security vendor market grew double digits to $13 billion² in 2008, and will continue to grow in the challenging economy and as Internet fraud continues to soar.

“Report Highlight for Dataquest Insight: Security Market Growth in 2008 Bucks the Trend Set by the Economic Downturn”

Internet security is of primary concern to the bank to business connection, and as security threats move from networks to applications, Online Banking Solutions (OBS) believes technology vendors have an obligation to provide appropriate security tools at the application level to ensure secure banking for bank clients and their business customers. To meet this obligation, OBS developed the next generation of security products and services, M-Secure Banking, designed to minimize Internet fraud and risk.

M-Secure Banking provides a suite of services designed to create a virtual private connection between banks and their commercial customers. Utilizing a multi-layered security architecture, the suite’s M-Secure Browser is a locked down browser limited to only bank authorized Websites with integrated two-factor and mutual authentication, and the M-Secure Virtual Keyboard is designed to mitigate Internet fraud and prevent the harvesting of private information via keyloggers. The M-Secure File Transfer Service enables banks to transmit and receive data automatically using the Web, OBS Secure Desktop or Secure FTP.

Who:				Joe Spatarella, VP Sales & Marketing for OBS, can discuss the current security challenges for banks and their business customers, and what vendors and banks must do to ensure secure business banking.

When:				Spatarella is available immediately for commentary.

Contact:				Mary York
				Media Contact for OBS
				678.781.7221

About Online Banking Solutions (OBS):

Founded in 2002 by a management team that pioneered Web cash management and business banking technology, launching two successful financial technology companies, Online Banking Solutions (OBS) provides next-generation Online Messenger multi-channel reporting, transaction and file delivery services to banks including seven of the top 50 U.S. financial institutions. Private, profitable and based on the philosophy of over servicing clients, OBS offers financial institutions the extensiveness of a large-scale technology provider, but the tenacity of an agile, service-driven organization. For more information, visit www.onlinebankingsolutions.com.

¹ Editor’s Notes: Federal News Radio. “Senate plots cybercrime counterattack,” www.federalnewsradio.com

² “Report Highlight for Dataquest Insight: Security Market Growth in 2008 Bucks the Trend Set by the Economic Downturn,” 6 August 2009. www.Gartner.com