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IT contractors could find themselves in high demand within the financial services sector as firms plan to increase security spending.

A recent report, carried out by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI), has revealed that 38% of UK financial services firms will look to increase their cyber security spending over the following 12 months.

Just 4% of firms said that they would be spending less.

According to the PwC/CBI survey, the largest increase in spending will be seen in sectors that reported low growth in six months, including Investment Management, which plans to increase spending by 76%.

Richard Horne, cyber security partner at PwC, commented, "Cyber crime is a major threat to the UK's financial services sector, as fraudsters increasingly turn to technology as their main crime tool. These figures show that an increasing number of UK financial services companies are taking cyber security seriously,"

"Non-banking companies are sharply increasing their spend and banks, which have invested heavily for years in cyber defences, are continuing their level of spend. This demonstrates that even companies with mature cyber security capability need to continue to invest, as the threat is so dynamic. 

He added, "Spending on cyber security needs to carefully targeted – but also evaluated to ensure it's being spent where it can be most powerful. Financial services companies are becoming more dependent on digital processes, and therefore more vulnerable to cyber attack. In addition the threat is incredibly dynamic, so defence strategies need to be constantly evaluated and refined."

Simon Dolan is the Sales & Marketing Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
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