Half of asset managers to increase cybersecurity expenditure in 2018 following rise in cyber attacks

Increasing threat

Two-thirds of asset managers believe cyber crime presents a greater threat to their business this year than it did in 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, 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 bro...