Payments Awards

Cyber threats biggest fear for financial and public sector

Written by Mark Evans
20/12/2017

The financial services industry and public sector are aligned in their concerns about data and system security, with both citing a fear of harmful cyber threats emerging in 2018, according to a new study from digital workplace provider Invotra.

The research, conducted among 504 senior IT managers working across public sector and financial organisations, found that 79 per cent of those in the public sector, and 85 per cent of respondents in the financial services sector, consider data and systems security to be their biggest priority.

When asked how well equipped their organisation is to defend itself against attacks, the financial sector showed greater confidence, with 94 per cent saying they had a strong line of defence, compared to 88 per cent in the public sector.

Asked to rate their organisation’s investment in emerging technologies, including blockchain, artificial intelligence, predictive analytics and biometrics. 46 per cent of public sector IT professionals believe about the right amount has been invested but over a third (37 per cent) would like to see greater investment. In the financial sector, over half (54 per cent) believe current investment levels are appropriate, but similar proportions of around a fifth believe that too much and too little is being spent.