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According to a survey by an audit firm, near four in five, 79 per cent of Banking and Capital Markets (BCM) company CEOs consider cyber risk to be the top potential threat to business growth. Other perceived threats include speed of technological change (68pc) and the shift in consumer spending behaviour (63pc).
The PwC survey of 175 CEOs of BCM firms across 54 countries shows that most, 92pc are optimistic about their growth prospects over the next three years, despite growing concerns over global economic growth, with only 43pc expecting global economic growth to improve over the next 12 months, down from 56pc in 2014.
Norris, Director Enterprise & Cyber Security, Fujitsu said that the news that 79pc of banking chief executives are concerned or extremely concerned about cyber threats affecting their growth prospects came as no surprise. “Just yesterday we saw yet another high profile act of cyber theft created by the Carnanak hack, highlighting the prominence and sophistication of cyber threats.
“Banking chief executives are right to be concerned about these threats as awareness is the first stage of effectively dealing with these pending fears. This echoes our own research of 176 UK and Ireland IT decision makers which revealed that only a third of financial services organisations are certain they could maintain security in event of IT failure. However, banks should not shy away from digital services due to these concerns. According to Fujitsu’s recent ‘Digital Inside Out’ study into digital enablement in the UK, the financial services industry is the standout sector when it comes to offering digital services. The industry tops the table in terms of importance to (62pc) and satisfaction with (64pc) consumers. When examining individual digital services used in our everyday lives, online banking is the most used (67pc) and valued (63pc) across the nation.”
To both meet customers’ demands whilst remaining secure, bankings must first be aware of the risks which will most affect their business and then prepare themselves for a potential breach, he added. ”Once aware of the overarching risks in the landscape they next need to focus on the threat that is relevant to them. It is key that organisations can respond to threats in a well-defined and practiced manner – becoming proactive in their approach to security. Being reactive and waiting for incidents and events to happen will keep businesses on the back foot.”
Findings from the report Achieving Success While Managing Disruption, which forms part of PwC’s 18th Global Survey of over 1300 CEOs globally, highlights that while there is a renewed sense of optimism about growth, BCM CEOs recognise the challenges are large, the risk of disruption is very real, and the pace of change is increasing.
PwC’s survey shows concerns about over-regulation have grown from 80% in 2014 to 89% in 2015, with 87% believing that changes in regulation will continue to have a disruptive effect over the next 5 years.
Kevin Burrowes, PwC’s UK financial services leader, said: “The ability to meet current and future regulation is hampered by lingering uncertainty over regulatory details and the potential for reactive and piecemeal implementation. It is vital for organisations to develop a proactive approach to regulation, headed by a regulatory leader responsible for liaising with regulators, assessing the strategic impact and co-ordinating the response.”