Cyber Security Regulations Are Breaking the Bank for UK Financial Service Organizations

Nearly three-quarters (73%) of UK CISOs feel that their client, customer, partner and employee PII is secure in cloud environments.

28% of financial and banking organisations in the UK have reportedly spent between €501,000-€1,000,000 on implementing regulations such as DORA and PRA.

19% of CISOs cited software supply chains as posing significant threats to security.

58% of UK CISOs report that regulations put enhanced pressure on their wellness.

47% of financial and banking organisations in the UK have reportedly spent more than one million euros over the last two years on implementing regulations such as DORA and PRA.

Ransomware remains the greatest threat (46%) to financial organisations.

77% of UK CISOs feel that their IT budget is not completely reflected by their board’s objectives to meet regulatory requirements.

One in five (20%) of CISOs cited third-party compromise as posing significant threats to security.

79% of UK CISOs report that the implementation of regulations has had an impact on their mental health.