Internal information security attacks are outgrowing external attacks at the world’s largest financial institutions, according to the 2005 Global Security Survey, released recently by the Financial Services Industry practices of the member firms of Deloitte Touche Tohmatsu (DTT).

The survey is based on interviews with senior security officers from the world’s top 100 global financial institutions, 35 percent of whom confirmed encountering attacks from inside their organization within the last 12 months (up from 14% in 2004) compared to 26 percent from external sources (up from 23% in 2004).

Half of Canadian respondents acknowledged that they have experienced some form of information security breach. On the flip side, with privacy and Sarbanes-Oxley compliance driving regulatory initiatives in Canada, the majority of respondents (78%) indicated they have both the commitment of management and the adequate funding to address these requirements.