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Firms prepare for new cyber-security rules, survey finds

Cyber_padlockA total of 86% of financial services firms plan to increase the resources they spend on cyber-security in the next year, according to research.

A survey of 183 senior financial services professionals in Europe, Asia and the US found that firms are preparing to implement more stringent cyber-security measures over the 12 months as pressure from regulators and clients grows to protect investor information.

The survey, carried out by corporate finance adviser Duff & Phelps, found that two thirds (66%) of financial services firms expect cyber-security to be a priority for regulators this year.

In addition, nearly four out of 10 firms (39%) believe regulators intend to increase scrutiny on financial crime and know-your-customer compliance departments.

Jason Elmer, of Duff & Phelps regulatory and compliance department, said: “In the wake of recent high-profile cyber attacks, many firms are anticipating clearer and more punitive cyber-security regulation to be implemented.

“Firms are proactively looking to strengthen cyber defences as a result, and this is an opportunity for regulators to collaborate with financial institutions to form new rules.”

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