More than 70 percent of small and mid-sized banks plan to increase security software spending and 59 percent plan to increase security hardware spending this year, according to leading IT research firm Info-Tech Research Group. This investment in security technology is being fuelled by a focus on privacy issues, transaction security and regulatory compliance.

In a survey of small and mid-sized banks not one IT decision maker indicated that they would be cutting security software or hardware spending. In comparison, 7% of Real Estate respondents and 6% of Insurance respondents said they plan to cut security spending. Overall, the survey found that 46% of small and mid-sized banks intend to increase their IT spending in 2005.

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