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

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.

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

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.

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.

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

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