Cyber security sees off regulatory change

Cyber security sees off regulatory change

The partial recovery of the economy has given a reprieve for many businesses when it comes to budget restrictions. This is enabling them to increase their expenditure in business growth, according to a  recent report.

Specialist recruitment company Robert Half Financial Services has revealed that 52 per cent of Chief Financial Officers intend to invest more on cyber security, while 43 per cent will invest more in data mining and analytics. Just 39 per cent of financial service businesses intend on increasing their regulatory reform spend this year, and the same number was found for CFOs planning to spend more on IT for growth.

Regulatory change remains a challenge that has seen executives turn their attention to resourcing. Around 56 per cent of financial services CFOs intend on hiring permanent staff, compared to just under 40 per cent who said they will be hiring for cyber security initiatives.

Robert Half’s Practice Director, Neil Owen, said:

“While cyber security is absorbing the lion’s share of budgets, regulatory reform is driving the hiring agenda, with companies accelerating recruitment efforts yet facing a shortage of professionals with the requisite skills and experience.

“Businesses that successfully implement an integrated governance, risk and compliance programme (GRC), thus aligning resources to business demands, should be able to drive efficiencies, reduce duplication of efforts and realise potential cost savings.”

The increased investment will not only prove beneficial for the businesses concerned; it is good news for those seeking risk and compliance jobs, and other cyber security-related positions.

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