According to a PwC survey, 56% of top executives questioned ranked cybercrime as the main challenge to sector, with the pandemic and over-regulation seen as less of a threat, at 51% and 50%, respectively.
This is a remarkable increase since 2016, when only 33% of CEOs considered cyber threats the biggest concern for their business.
“In an increasingly digital world a cyber-attack can be debilitating for any company. Where lots of sensitive personal financial information is held, it can come with even bigger risks to a company’s reputation,” said John Garvey, PwC’s global financial services leader.
Despite the growing threat from cyber criminals, CEOs in financial services are still optimistic about their businesses.
36% of chief executive’s globally said they are very confident about their company’s prospect over the next 12 months.