HSBC has recently started providing its online banking customers with free Rapport software, a service from Trustee that helps protect Internet browsers. The bank joined several other financial organizations, such as Bank of America and Barclays, which offer complementary or low cost security software to their clients. This move by HSBC highlights the importance of online safety in the current environment. If companies are willing to dedicate resources to protect their customers, they should equally invest in protecting company information and data.

Businesses like HSBC are doing the right thing by looking out for their customers’ safety. Additionally, the move has generated lots of free positive press and helped put the bank in a positive light. The promotion is also low cost and affordable, making it a smart business decision. HSBC’s actions are commendable, however, it’s unclear whether the organization is fully protecting itself. Security experts are questioning some of the bank’s website features and the choice of Rapport as the security provider. The criticisms serve as a reminder- it’s crucial for businesses to defend themselves in every way possible to be fully prepared for the future. When it comes to a business’s security, there’s no such thing as being over-prepared when dealing with the Internet.

Spreading Your Resources

A company like HSBC usually has several separate budgets to cover expenses. These range from amounts allocated for administrative costs to figures backing the latest marketing campaign. HSBC’s move showed an in-depth understanding for business strategy. It’s important for companies to work on promoting a fully integrated message- one which shows how all of its different areas work together to create a great product. HSBC spent money to provide customers with free security software and the purchase helped decrease the need for spending in marketing, advertising, public relations, and even recruiting! After the media picked up the story, HSBC can sit back and enjoy its investment.

However, it appears the company standpoint on security fell short- an analyst at a rival firm crictized HSBC in an interview with eWeek Europe:

Cluley …questioned HSBC’s decision to allow banking customers to save their user ID on their browser. Rather than entering the ID every time they access the site, user’s can choose to have their browser remember the code.

“Certainly I wouldn’t feel comfortable if my online banking password was being remembered for me in this fashion,” he told eWEEK Europe UK. “A home computer may not be ‘public’ or ’shared’, but it can still be stolen or a dodgy workman might have access to it. My suspicion is that security and usability have once again had a wrestling match, with those who want less support calls from forgetful consumers winning.”

It’s unclear whether Cluley’s claims are well-founded; a representative of HSBC explained that the ID saved requires an additional password and exists as added convenience. Nonetheless, organizations need to evaluate how their budgets are being spent and make sure that security is well funded. A firm protected by Alertsec Xpress would be able to use advertisements to promote its business’s high level of security and market itself as a safe organization which uses encryption to protect customers. Companies should explore how their security spending is connected and find the strings which can be cut.