Almost two-fifths (38%) of financial services firms plan to boost spending to combat cyber crime over the next 12 months, according to the latest CBI/PwC survey.
The biggest increase in spend will be seen in sectors that reported low growth six months ago, including Investment Management which plans to increase spending by 76%.
Richard Horne, cyber security partner at PwC, stated: “Cyber crime is a major threat to the UK’s financial services sector, as fraudsters increasingly turn to technology as their main crime tool. These figures show that an increasing number of UK financial services companies are taking cyber security seriously.”
Non-banking companies are sharply increasing their spend, and banks which have invested heavily for years in cyber defences are continuing their level of spend. According to Horne, this demonstrates that even companies with mature cyber security capability need to continue to invest as the threat is so dynamic.
“The recent Waking Shark 2 exercise in the City showed that the financial services industry and its regulators have made progress in beginning to pull together a co-ordinated response to the cyber threat,” continued Horne. “It also makes evident that all companies need a clear understanding of the cyber threats and the measures they need to take to be confident in their ability to manage the risk.”
In conclusion, Horne explained: “Spending on cyber security needs to carefully targeted but also evaluated to ensure that funds are being spent where they can be most powerful. Financial services companies are becoming more dependent on digital processes, and therefore more vulnerable to cyber attack. In addition, the threat is incredibly dynamic so defence strategies need to be constantly evaluated and refined.”