Major banks and other financial companies expect the cost of preventing cybercrime to continue to rise in 2021, at a time when financial institutions work to secure the digital financial services that have spread this pandemic.
According to Bloomberg, cybersecurity topped the list of anticipated budget increases in a technology spending survey conducted by technology company Deloitte & Touche, in which 64 percent of executives in financial firms around the world expected a rise.
Banks, brokers, insurance companies, and other spending on cybersecurity have intensified for at least 4 years as online services move in and attacks escalate. Online spending has jumped 15 percent this year, according to a previous Deloitte survey, the equivalent of nearly $ 1 billion.
The Corona pandemic contributed to this increase, forcing companies to strengthen defenses as employees work from their homes and as more customers adopt digital products or services.
“We are still in the midst of a major financial services transformation due to digitization and the shift to remote cloud workplaces,” said Mark Nicholson, Head of Cyber Risk for Financial Services at Deloitte.
“The spending on it will not stop increasing until the transformation is complete, when operating expenses will become more stable.”
Expenditure on cloud computing and storage was the second item in the Deloitte survey, with 54 percent of survey respondents saying their cloud budgets will increase in the next year.
The majority also expected an increase in spending on data privacy.
The survey was conducted in July and August and involved nearly 800 senior executives.