UK’s finance sector backs ‘Ofcom for Cyber Security’

Almost 90% of IT experts working in the UK’s financial sector say they would welcome an independent regulator that would hold businesses to account over their cyber security to reduce the level of cyber-attacks.

According Cyber Security firm Keeper’s annual census, UK companies operating in the finance sector continue to be a lucrative target for cybercriminals.

Within the last year alone, financial organisations disclosed that they had experienced,  on average, 60 different cyberattacks and the large majority (80%) expected this number to increase over the next 12 months.

In the poll of over 1,000 IT decisionmakers, the overwhelming majority (90%) believed that an ‘Ofcom for Cyber Security’ would help minimise the weight they feel on their shoulders.

Meanwhile 95% of respondents agreed that businesses should at least be legally required to have basic cybersecurity protections in place before being allowed to operate or trade.

While the onus is currently on finance organisations to ensure that they properly protect themselves, the poll reveals that businesses in the finance industry aren’t always taking the necessary action – with only 40% stating that they’re well prepared against attacks.

One explanation for this lack of preparation is the nationwide shortage of skilled IT professionals across the UK, with two thirds of respondents saying the skills shortage had impacted cybersecurity in their organization.

For information on how firms can addressed the skills gap read our interview with Intergenerational skills expert, Henry Rose Lee.