By John Oates, 20 June 2001 17:42
NEWS The Financial Services Authority has warned companies offering services online that they must take security more seriously - or risk taking responsibility for failures. In a speech given to the FSA e-security conference Lydia Bailey warned that senior management must accept its responsibility for providing secure and scalable websites. But the FSA also warns consumers that they need to be savvy about web security. Research carried out reveals that as many as 40 per cent of online banking customers use the word 'password', or another easily guessed word such as their name as their password. In a statement, Christine Farnish, consumer director at FSA, said: "It is vital that consumers are properly prepared for using online financial services, and understand what they can do to address the risks involved." One in ten British adults already buy services online from one of 60 banks and 35 stockbrokers regulated by the FSA.
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