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IT contractors could benefit from finance services’ cyber security investment

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A recent PwC/ CBI report has revealed that finance services firms will be investing more into beating cyber crime, which could very well benefit IT contractors.

Findings from the latest PricewaterhouseCoopers (PwC)/ Confederation of British Industry (CBI) report revealed that almost two-fifths of financial services firms plan to boost spending to combat cyber crime over the next year.

“Cyber crime is a major threat to the UK’s financial services sector, as fraudsters increasingly turn to technology as their main crime tool. These figures show that an increasing number of UK financial services companies are taking cyber security seriously,” Richard Horne, cyber security partner at PwC, said.

“Non-banking companies are sharply increasing their spend and banks, which have invested heavily for years in cyber defences, are continuing their level of spend. This demonstrates that even companies with mature cyber security capability need to continue to invest, as the threat is so dynamic.

In November 2013, the Bank of England carried out the Waking Shark II exercise, which tested the wholesale banking sector’s response to a sustained and intensive cyber-attack.

The results found that considerable progress has been made since the previous exercises in 2011.

Horne added, “The recent Waking Shark 2 exercise in the city showed that the financial services industry and its regulators have made progress in beginning to pull together a co-ordinated response to the cyber threat. It also makes clear that all companies need a clear understanding of the cyber threats and the measures they need to take to be confident in their ability to manage the risk.

“Spending on cyber security needs to carefully targeted – but also evaluated to ensure it’s being spent where it can be most powerful. Financial services companies are becoming more dependent on digital processes, and therefore more vulnerable to cyber attack. In addition the threat is incredibly dynamic, so defence strategies need to be constantly evaluated and refined.”

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