20 April 2018
https://www.avoka.com

UK FS firms see fight against cybercrime as major challenge

27 March 2017  |  9081 views  |  0 London Gherkin building

British financial services firms expect to increase IT spending at a healthy rate in the near future, according to a CBI/PwC survey which also shows that combatting cybercrime is a growing imperative for the industry.

After a tough, Brexit-tinged 2016, the survey of 98 firms shows that sentiment in the financial services sector has stabilised in the first quarter of 2017.

Building societies, life insurers, insurance brokers and investment managers all felt more optimistic than in the previous quarter, while finance houses and general insurers felt less optimistic.

Firms intend to cut back on most forms of capital spending but spending on IT is expected to grow strongly as it is seen as a key way to increase efficiency.

Combatting the threat of cyber-crime is a growing imperative for financial services firms, with over four fifths planning to invest in preventative technology and IT systems, and to test their defence and response mechanisms over the year ahead.

More than two thirds of firms plan to invest in cyber security training and awareness programmes and to employ expert security personnel.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank IT spending in Asia/Pacific set for growth

Bank IT spending in Asia/Pacific set for growth

10 February 2017  |  4881 views  |  0 comments | 6 tweets | 5 linkedin
UK banks' IT spending to increase - CBI/PwC Report

UK banks' IT spending to increase - CBI/PwC Report

30 March 2015  |  10546 views  |  0 comments | 16 tweets | 11 linkedin
IT budgets up as business volumes improve - CBI/PwC

IT budgets up as business volumes improve - CBI/PwC

19 January 2015  |  5985 views  |  0 comments | 12 tweets | 5 linkedin

Related blogs

Create a blog about this story (membership required)
Visit https://aciworldwide.webex.comVisit http://go.jumio.com/finextraAd

Who is commenting?

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9539 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8594 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8315 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
7961 views comments | 18 tweets | 23 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job