Banks see cyber costs soaring in 2021 due to digitalisation brought by COVID-19

Monday 30 November 2020 09:34 CET | News

With many financial services becoming digital due to COVID-19, banks and other financial firms predict the cost of warding off cyber criminals will keep climbing in 2021.

In a survey of technology spending conducted by Deloitte & Touche, cybersecurity topped the list of expected budget increases, with 64% of executives at financial companies around the globe forecasting a rise.

According to Bloomberg, banks, brokers, insurers, and others have increased spending on cybersecurity for at least four years as services move online and attacks rates grow. In 2020, cyber spending jumped 15%, according to an earlier Deloitte survey, equating to almost USD 1 billion for each of the largest US banks.

The second item in Deloitte’s survey was spending on cloud computing and storage. 54% of respondents mentioned that their cloud budgets will see an increase in 2021. A majority also projected rising expenditure on data privacy.

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Keywords: Deloitte, survey, banks, cybersecurity, risks, digitalisation, COVID-19, banks, brokers, insurers, cloud
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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