17 October 2017

UK FS firms see fight against cybercrime as major challenge

27 March 2017  |  8581 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  |  4435 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  |  10215 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  |  5846 views  |  0 comments | 12 tweets | 5 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14371 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13035 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8945 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7866 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7584 views comments | 13 tweets | 13 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job