Bank CEOs worried cyber threats will affect business growth

Shortly after the biggest ever web heist, new research claims that CEOs from banks are concerned over how cyber risks can damage growth.

PwC’s Achieving Success Without Managing Disruption study surveyed 175 banking and capital marketing CEOs, and found that 92 per cent are feeling positive about their company’s prospects in the next few years.

However, they have also expressed concerns regarding threats with potential to harm such growth. Threats include market entrants (53 per cent), cyber risks (79 per cent) and over-regulation (89 per cent).

PwC published the report just days after a hacking incident was revealed by Kaspersky Lab. The hacking group, known as Carbanak, is believed to have stolen a possible £650m from 100 banks throughout the world within the past two years.

The report said:

“Concerns about cyber threats have shot up most compared to last year – and, in light of the recent attacks on gaming and entertainment networks, the perceived risk will only increase. The speed of technological change and the availability of key skills are other threats that have seen a marked rise in concern from CEOs.”

The fact that banks have expressed such concern over cybercrime is a sign of the times that we live in. Certainly, companies in other industries would be wise to follow suit if they would like to pursue their own business growth. By recognising the need to combat such threats, they are likely to be looking to open up cyber security jobs, which can only be good for both current and up-and-coming cyber professionals.