Investment in cyber security is now an investment priority for nearly three quarters (70 per cent) banks in the United Kingdom, according to research from Lloyds Bank.
The survey report says that cybercrimes have leapt to the fourth position from the eighth place since 2018.
The research surveyed 100 senior decision-makers at financial organizations in the UK. They included global banks insurers, intermediaries, investors and asset managers.
Last year 46% of respondents said one of their firm’s top three technology investment strategies for 2018 was to improve cybersecurity, behind improving customer satisfaction (49%) and reducing operating costs (48%). In 2019, cybersecurity moves to top of the tech agenda and with greater prominence – 70% are now prioritising it as an area for investment.
“Against a backdrop of on-going global economic turbulence, it is unsurprising that sentiment among financial institutions towards the sector and the wider economy is lower than in previous years. That said, the responses to this survey show the sector’s resilience during difficult times and it is especially encouraging to see that firms plan to continue investing in the UK,” said Robina Barker Bennett, Managing Director, Head of Financial Institutions, Lloyds Bank Commercial Banking.
“In 2019, firms are arguably more dependent than ever on technology. With this rapid advancement, the risks from cybercrime are increasing, placing extra pressure on financial institutions to change the way they operate.”