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Budget Cuts, Staff Shortages and Cyber Threats Keep IT Leads Awake at Night as GDPR Looms

March 2018 by Luxoft

43% of IT executives at European financial
institutions reveal that fears of a cyber-attack keep them awake at night - two
months before the General Data Protection Regulation (GDPR) comes into force,
according to figures published by financial services IT consultancy and service
provider Excelian, Luxoft Financial Services - a division of Luxoft.

The survey of over 200 IT executives working in capital markets, wealth management
and corporate banking reveals that although 89% agree implementing a cybersecurity
strategy is a top priority, budget cuts and staff shortages make implementing
cybersecurity strategies difficult. 55% of respondents cite a lack of IT investment
as a significant source of stress in their role, rising to 63% of professionals in
the UK alone. However, those in Switzerland and Austria are less concerned about
budget cuts, with only 40% and 43% of IT professionals expressing frustrations,
respectively.

IT executives also feel they don’t have access to the right talent and are not fully
trained - 54% say they are frustrated by a lack of training and learning
opportunities, whilst 26% are also kept awake by a skills shortage in their IT
department. As a result, 36% of IT professionals working in the financial services
sector are reluctant to recommend increasing cybersecurity spend.

"IT departments in banks are being pulled in two directions," says Marcin Swiety,
Global Head of Luxoft’s Information Security
practice<https://www.linkedin.com/in/marcins...> . "Banks want to focus on digital
innovation, but IT professionals feel unable to escape from the ever-present cyber
threat. Budget cuts are leaving smaller teams with fewer spare hours in the day.
Unable to plan ahead, they spend their days firefighting problems and upgrading
legacy systems."

European IT professionals working in financial institutions on both the buy-side and
sell-side also believe that insufficient cybersecurity strategies combined with
reacting to other daily struggles is preoccupying too much of their time. On
average, IT executives say more than half of a CIO’s role is responding to events as
they happen, whereas only 40% of their role is proactive.

The complexity of internal technology systems at larger and more established
institutions in particular also forces those CIOs to have less time to implement
change. 28% of IT executives say that the complicated internal processes make it
more difficult to implement cybersecurity strategies.

"Most financial institutions want to capitalise on technologies like blockchain, AI
and the cloud, but they are difficult to implement both securely and at pace," says
Mr Swiety. "If we want to see digital transformations that are truly protected from
the cyber threat, then institutions must find a way for IT departments to free up
their time."


About the survey

For the report, Excelian, Luxoft Financial Services interviewed a number of IT
leaders in major financial services firms across Europe and surveyed 202 IT Decision
Makers in capital markets, wealth management and corporate banking in companies with
over 500+ employees; 102 in the UK; 50 in Germany; 30 in Switzerland; 20 in Austria.


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