The world's largest financial institutions are underprepared for the security challenges of the future, according to Deloitte's 2007 Global Security Survey.

Those in the Asia Pacific region in particular consider themselves vulnerable to issues of information access and cyber security.

Most (62%) respondents from Asia (excluding Japan) confirmed they had an appreciation and strategy for security issues, but only 7% felt confident they had the skills and competencies on hand to adequately face the challenges. Deloitte Security and Risk Partner Julie Priest says geography is behind the shortfall.

"The Asia Pacific region's physical isolation is hampering institutions' ability to quickly access the right skills, particularly in comparison to the UK and European markets."

Strategic planning is also inadequate in that it rarely reaches or involves the top tiers of management.

"Asia Pacific countries are lagging globally on this front," Ms Priest said. "None of our respondents have implanted a strategic plan that's embedded in the business."

She says businesses all over the world are falling victim to a security paradox. "While information security incidents continue to grab the attention of business executives, ‘ownership' of the underlying problems is still perceived to rest with the information technology department."

The survey collates the opinions and thoughts of chief information security officers from 169 of the world's leading financial services companies.