Financial Services Companies Ramp Up Cybersecurity

Growing fears of cybercrime are prompting financial services firms to ramp up their spending on security, according to research from Lloyds Bank Commercial Banking. Of more than 100 senior execs quizzed, 87% have become more concerned about cyber-risks over the last year, with nearly a quarter becoming significantly more worried.

Eighty five of respondents reported their firms had spent more on tackling cyber risks in the past year, with 14% reporting a significant rise.

Asked about what they wanted to achieve from their technology investment in the coming year, 14% cite improved cyber-security as their top priority.

Firms were asked about risks to their UK operations for 2018. Respondents say cyber security is one of the most significant risks, alongside increased market competition and geopolitical uncertainty, but behind macro factors such as the effects of Brexit and economic uncertainty.

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