76% of business leaders in the UK believe Covid has increased the need for improved security of finances
ESET, a global leader in cybersecurity, reveals that over two thirds of UK business leaders (69%) expect their company’s investment in fintech to increase in 2021/2022 and 80% are adopting a cybersecurity-first approach when investing in new technology solutions. This comes as 76% of senior managers surveyed in the UK agree that Covid-19 has increased the need for improved security of finances.
ESET has explored the attitudes of senior managers towards financial technology (fintech) and security in the business segment of its global fintech research, surveying 1,200 senior managers in a variety of industries across the UK, US, Japan, and Mexico. One of the key areas the survey focussed on was predictions concerning threats and attitudes towards financial technology post-pandemic, especially in light of the widespread effects Covid-19 has already had on the global economy.
The research reveals that 65% of senior managers believe cybercrime will be a bigger or equal threat to the security of their business’ finances in the next six months than a coronavirus lockdown. Companies with over 1,000 employees were more likely to believe cybercrime to be a bigger threat, whereas businesses with less than 50 employees saw the impact of coronavirus lockdowns as a larger threat. This likely reflects the toll that Covid-19 has had on small businesses, which have fewer resources to help them deal with the current situation.
In terms of business focus post-pandemic, however, almost one third of businesses (28%) said securing data will be one of their financial technology priorities, along with improving efficiency (34%) and reducing costs (32%). Business leaders were also asked about the specific technologies that could help to secure finances post-Covid. The most popular answers were payment/credit card fraud detection (54%), encryption (52%) and multifactor/two-factor authentication (50%).
Commenting on the results, Jake Moore, cybersecurity specialist at ESET said, “The UK has one of the highest costs of cybercrime in the world and ransomware is on the rise. With much of the UK in a struggling economic situation, it is more important than ever that businesses and their finances are protected with the very best in cybersecurity solutions. Ensuring businesses’ data is safe and secure is a core part of ESET’s mission, and it’s encouraging to see that so many organisations adopt a cybersecurity-first approach when investing in new technology. Business leaders in the UK are recognising that becoming cyber-resilient is not just about protecting data but also protecting the financial prosperity of the business. They are becoming increasingly willing to invest strategically in order to protect themselves from potential threats.”
