The threat regarding cyber-attack is keeping the bank and capital market executives awake at night, as shown by a new survey in Ireland. This survey also focuses on the need to invest and to protect against this cyber-hack risk.
Cyber threats have replaced over-regulations as being the top concern in around 188 banking and capital market chief executives from around the world, according to a new report from PwC.
Around 89 percent of these executives are worried about their cyber-security whereas 93 percent agree on investing more heavily in the cyber-security sector in 2018.
Ciaran Kelly, advisory leader with PwC Ireland said,
“There are two types of banking and capital organizations – those that have experienced a major cyber-attack and those that will. Unsurprisingly, nothing is more likely to keep their CEOs awake at night.
The importance of cyber protection to customer trust underlines the extent to which cyber threats are a strategic rather than just IT risk. Developments such as the EU’s General Data Protection Regulation (GDPR) make the need for more proactive safeguards, better co-ordination and more systematic response plans even more pressing,”
When compared with economic growth, most defendants were bullish with 57% believing that cyber-hack will improve over the next 12 months, linked to 30% in 2017, as noted by Ronan Doyle, PwC Ireland banking partner.
This survey also highlighted anxieties related to the impact of automation and artificial intelligence, When asked they are creating transparency over the effects of AI and automation to build trust in their workforces, around 2/3rd of those who answered the survey said yes and further 10% planned on doing so in the next 12 months.
However, around 20% of those responding refused to address this situation and have no immediate plans on doing so.
David Lee, PwC Ireland technology partner claimed, “As the findings highlight, the big differentiator is digital transformation, and the breakthrough innovation and boost to growth that stem from it. Get this right and there are opportunities to transform your customer experience and put clear blue water between you and your competitors.”
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