"Digital security and privacy are becoming critical components not only for the adoption rate of new technologies, but also for the normal course of business," said Caso.
"The proprietary fieldwork underlying Ed's report is central to our research philosophy," added Anthony Gallo, National Director of Equity Research. "Our clients, both corporate and institutional, rely on us to identify these emerging technology and business trends."
Key highlights of the report include:
- Digital security and privacy has become "business-critical."
- Press coverage is putting pressure on executive management to invest.
- Adoption of eCommerce and advanced technology, including wireless, are dependent on security.
- Legislative and regulatory mandates are forcing expenditures, especially in Healthcare and Financial Services.
- The sophistication of hackers is only increasing.
- Costs related to security are becoming more structural and therefore less sensitive to economic cycles.
- Security is a growing percentage of IT budgets.
- There is no silver bullet solution, but rather the establishment and maintenance of comprehensive processes.
- IT Service providers will support this market demand through a combination of professional and managed services.
The 72-page report may be attained by contacting your investment representative or Suman Blake (suman.blake@funb.com).
First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $15 billion at December 31, 2000, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 46 states. Online banking products and services can be accessed through http://www.firstunion.com.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full service brokerage services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance, risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
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