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Dont Ask, Dont TellJust under half of financial services companies surveyed on information security issues dont report security breaches to anyoneincluding shareholders and customers.

There are many people who dont worry about reputations or bad publicity as long as their name is spelled correctlybut those people certainly dont work ...

By Robert Regis Hyle | Updated on October 31, 2003

There are many people who dont worry about reputations or bad publicity as long as their name is spelled correctlybut those people certainly dont work in the financial services industry. Reputation is a key component to a successful financial services business, so companies arent likely to issue a press release when someone successfully attacks their network or Web site.

Several factors explain why companies fail to report such attacks, says Bill Barrett, partner and leader of the technology and security risk services practice for the New York financial services office of Ernst & Young. In the Global Information Security 2003 report conducted by E&Y, respondents assert negative publicity and damage to brand or reputation are the biggest reasons causing financial services companies to keep their mouths shut. One of the biggest factors is concern over reputation and the impact to the trust that financial services and insurance companies deal with, says Barrett. As a result, they are reluctant to let the public know about instances.

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