Cyber security ranks as banking chiefs biggest worry

Cyber security ranks as banking chiefs biggest worry

Chief executives from the UK banking industry are predicting a rise in cyber crime, reductions in headcount, and more pressure form stakeholders with regards to banking transparency, says the results of a new PwC survey.

While close to 36% of capital markets and banking leaders expressed concern over cyber crime in 2016, only 28% of CEOs in all sectors expressed worries over the issues, compared with 21% of CEOs worldwide.

PwC capital markets and banking chief Simon Hunt said pressures of substantial costs in the finance industry could explain why some banking chiefs choose not to reward staff and raise pay.

These findings show that UK banking leaders are not only taking the threats stemming from economic pressures, regulation and reputation risk management seriously, but that newer risks, for example cyber threats, are very much on their radar.

While 6% of UK CEOs are planning a response to rising stakeholder expectations through substantial changes to methods of tax affairs management, that number increases to 18% of banking respondents due to a desire for more transparency, found the Global CEO Survey.

Bank chiefs concerns over cyber crime are understandable after the string of high-profile hacking incidents over the last several years. It is an increasingly worrying issue in all sectors and CEOs are seemingly still not doing enough to protect themselves against threats. The first task on their list should be to post cyber security jobs to ensure that their workforce is equipped to deal with any pending threats.

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