Cyber Security is Top IT Priority for the Finance and Banking Sector in 2023

A new report by leading providers of IT infrastructure, Softcat, offers an exclusive look at the tech investments the financial and banking sector is prioritising in the year ahead.

The findings form part of a report based on the views of more than 1,800 customers in the UK and Ireland – across 27 corporate and public sectors.

The annual report reveals the financial and banking sector is prioritising Cyber Security above all other technology areas, with 62 percent of respondents saying it is their top focus over the next 12 months.

Maintaining robust cyber security is a major challenge for the financial sector, as demonstrated by a survey conducted by The Bank of England, in which over three-quarters of respondents deemed a cyberattack the highest risk in the short and long term.

Over the last few years, there has been rapid digitisation in the financial sector due to an increase in remote work and the growing adoption of cloud-based services, leading to a sharp rise in cyberattacks.

With cyber threats growing, the global community must cooperate to proactively mitigate risks – taking steps such as introducing zero-trust security and using AI to safeguard and detect attacks before they occur.

Endpoint Management was the second most important technology investment area for the next year, with nearly half of respondents citing it as a priority (48%).

Endpoints often serve as a gateway for a security breach, with the finance sector at risk from cyber-attacks across thousands of unique connecting devices.

Robust endpoint management systems are critical for the financial sector to effectively secure and supervise the access of devices and digital data within an organisation’s network.

To ensure internal and external data is protected, there needs to be appropriate authentication, audit trails, secure infrastructure and secure processes in place, so teams can proactively respond to stop or minimise losses.

This is also reflected in the third most important technology investment area – Devices (43%).

Efficient device management helps finance teams deliver services across all types of connected devices, allowing them and their customers to communicate and complete transactions privately and securely.

While there hasn’t been a significant rise, it’s clear that sustainability is still an important focus for the financial sector, with 14 percent of respondents citing it as a priority this year as part of their IT investments.

Richard Wyn Griffith, Chief Commercial Officer, commented on the findings:

“The past year has been one of transition and adjustment for our customers after the disruption and uncertainty of recent years. 

“Today, organisations are focused on switching off ‘emergency’ digital transformation mode and turning on smarter digital transformation, setting a clear and concise roadmap for the deployment of new technologies.

 “This will help them to remain agile in the face of new headwinds, as well as taking positive action towards our shared sustainability goals. 

“One thing is certain; it will be the digitally mature who prosper in the future.”