One year ago, the thought of a total loss of customer confidence in the stability of a major UK retail financial institution would have seemed laughable. Today, the thought of a similar collapse in trust caused by a systematic attack on a bank by highly skilled online fraudsters might seem equally risible. Yet as we have seen with Northern Rock, the unexpected can become real and to protect customer confidence, an intelligent, multi-layered approach to online security is essential.

As consumers conduct more financial transactions online, such as shopping or banking, financial institutions are in the front line to prevent attacks from organised crime rings trying to steal customers’ money or identities. Banks have to protect their customers, and they also have to protect themselves. If a co-ordinated attack is successful, banks can suffer a lot of damage, in a very short space of time.