CEOs: Cyber attacks biggest threat to growth in financial servcies

Financial services CEOs rank cyber attacks as the greatest threat to the industry’s future growth prospects.

According to a PwC survey, 56 per cent 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 per cent and 50 per cent, respectively.

This is a remarkable increase since 2016, when only 33 per cent 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 per cent of chief executive’s globally said they are very confident about their company’s prospect over the next 12 months.

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