Home News Cybersecurity is a Topmost Investment Priority for Banks in the UK

Cybersecurity is a Topmost Investment Priority for Banks in the UK

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Cybersecurity has emerged as a primary investment priority for financial firms in the United Kingdom. According to a survey report from Lloyds Bank, cybercrimes have jumped to the fourth position from the eighth place since 2018. The banks are increasing their budget allocation to enhance cybersecurity capabilities at their organization, Computer Business Review reported.

The research surveyed 100 senior business decision-makers from financial organizations in the UK. According to the survey report, in 2018 over 46 percent of respondents stated their top three technology investment agendas were to improve customer satisfaction, enhance cybersecurity, and reduce operating costs. But, in 2019, investment on cybersecurity products and services became the topmost agenda, with 70 percent respondents now focussing on it.

“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, head, 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,” Bennett added.

A similar survey revealed that more than half of financial firms in the UK experienced a security incident over the past 12 months. According to a survey from data security firm Clearswift, around 70 percent of financial firms in the UK reported security incidents last year, in which half of the incidents occurred due to internal errors.

The research highlighted that most of the attacks have originated due to employees who failed to follow proper data protection policies. Apart from employees’ errors, the survey also revealed other reasons, that led to attacks, including downloads of Malware or Viruses from third-party devices like USBs, and file transfers to unsecured sources.

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