Two-thirds of asset managers believe cyber crime presents a greater threat to their business this year compared to 2017, according to a survey conducted by Osney Media and BackBay Communications.
As a result, 50% of respondents said their firm is set to increase expenditure this year to improve cybersecurity measures across their businesses.
The report, entitled Upcoming Trends in Asset Management 2018, interviewed 88 respondents from across all areas of operations including client reporting, technology, marketing, investment, accounting and finance, performance measurement, risk management, senior management and product development.
A number of companies in the financial services industry experienced cyber attacks last year such as Lloyds Banking Group, whose digital services were brought down for the best part of two days after a Distributed Denial of Service attack believed to be the work of a criminal gang in January last year.
Another factor that could increase firms’ focus on cybersecurity, the report said, would be the introduction of GDPR in May, because under the new rules, regulators can fine firms up to €20m if they fail to report a cyber attack within 72 hours.