As the threat of cyber attacks continues to grow, financial service firms are increasing the amount they spend on risk management.
Nearly nine in 10 financial service firms plan to increase risk management spending, according to a report by management consultant Accenture.
Accenture found that 26% of firms are going to increase their investment in risk management by over 20%.
Accenture finds evidence of the increasing impact that cyber security and fraud is having on financial services firms, particularly the risk-management function.
More than one-third of respondents say that understanding cyber risk will be the most needed capability in their risk function. Nearly two-thirds say that cyber risk will have an increased impact on their business in the next two years, and a quarter say that the increase would be significant.
“Financial services firms are struggling to keep pace with the demand for people with highly specialised skills, such as cyber risk experts, business analysts, security specialists and fraud experts,” says Steve Culp, senior global managing director for Accenture finance and risk services.
“To fill these gaps, most firms will have to look outside of their organisations and the competition for the right people is increasingly intense,” he adds.
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