Financial services firms invest most in cyber security

Financial firms have invested more in cyber security in 2018-2019 than any other industry, with an average layout of £22,050 according to a new report.

An analysis of UK government data on cyber security solutions by Specops Software found that finance and insurance providers invested an average of 23 per cent more than 2017-2018, when these firms spent £17,900 on average.

The report also cited findings from insurer Hiscox, which found that more than half (55 per cent) of UK firms have already faced a cyber attack and losses from breaches of £176,000 on average.

Darren James, head of internal IT at Specops Software, said: “As cyber attacks and breaches become more frequent and complex, cyber security has to be a high priority for firms – otherwise they face the huge risk of leaving their website and digital communication platforms exposed.

“Key decision-makers need to carefully understand and manage their online eco-system to ensure it consistently has the adequate defences in place to protect against varying cyber threats,” he continued, adding: “In addition to this, education as well as governance on cyber security for employees can play an essential role in protecting critical functions from being targeted or compromised.”

    Share Story:

Recent Stories

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.

Using Adobe analytics helps businesses achieve 1.7x customer retention
99% of experience driven FS Businesses consistently use analytics for testing and optimisation, improving customer satisfaction metrics by 1.8 times.

To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here