British IT Bosses Fear Sophisticated Cyber Threats

IT bosses in the financial services industry and public sector say sophisticated cyber threats are their biggest fear for the year ahead.

A survey by digital workplace provider Invotra found that of 504 senior managers 79 per cent of those in the public sector and 85 per cent of respondents in the financial services sector, consider data and systems security to be their biggest priority.

Both groups also said that the most notable impact of high profile cyberattacks hitting the headlines was greater scrutiny on existing systems.

When asked how well equipped their organisation is to defend itself against cyber-attacks, the financial sector showed greater confidence, with 94 per cent saying they had a strong line of defence, compared to 88 per cent in the public sector. Fintan Galvin, chief executive officer at Invotra said: "We commissioned this research to understand digital challenges facing the financial and public sectors. Both sectors are under pressure to modernise systems, make them accessible, and to keep pace with emerging technologies; all the while tackling sophisticated security threats. These are real hurdles for IT professionals today so it's no wonder they have concerns for the year ahead.”

In the survey IT managers were asked how well they felt the sector was progressing with digital transformation. It found 44 per cent in the public sector described digital transformation as ‘an important focus’, but feared the public sector is way behind the private sector.

There was greater confidence and belief among financial services professionals, with a smaller proportion (19 per cent) feeling financial services lags behind other sectors, and just a small proportion (eight per cent) of respondents in the financial sector describing digitisation as ‘an aspiration’ and ‘not an achievable goal’. In the public sector, a larger proportion (18 per cent) said digital transformation was ‘a buzzword’ and described it as ‘meaningless’, and a fifth said digital transformation was too costly compared to 13 per cent in the finance sector.

With the emphasis on improving digital services, Invotra also wanted to understand how technology professionals rate current investment levels. 

Almost half (49 per cent) of public sector respondents said about the right amount had been invested to support broader digital transformation initiatives, but almost a third (32 per cent) said investment to date had been inadequate. In the financial sector, 64 per cent of respondents believe the right amount has been invested in improving digital services, and a much smaller proportion (18 per cent) believe not enough spend has been dedicated to modernisation.

Respondents were also asked to rate their organisation’s investment in emerging technologies, including blockchain, artificial intelligence, predictive analytics and biometrics. 46% of public sector IT professionals believe about the right amount has been invested but over a third (37 per cent) would like to see greater investment. 

In the financial sector, over half (54 per cent) believe current investment levels are appropriate, but a fifth believe their organisation is spending too much on emerging technologies. A far smaller proportion (23 per cent) thinks too little is being spent.

Galvin added: “It’s clear from our study that finance technology professionals understand the need to drive change. But, they are charged with providing an accessible digital workplace with meaningful results in terms of improving people’s work lives, whilst facing sophisticated security threats. And, there is, of course, pressure to do more with less.

“Organisations need to wake up and realise that enhancing digital capabilities is about enabling people and not the sole responsibility of IT departments. This research highlights a need for widespread buy in, and understanding of digital workplace technologies across organisations, and for proper user training. Without this, transforming the internal and external customer experience, is going to prove impossible."

Manchester Evening News

You Might Also Read:

Directors Report :Cyber Security Checklist For Management (£):

Cultural Strategies For Data Security (£):

 

« UK Spy Agency GCHQ Is Losing Cyber Talent
Six Cyber Attacks That Shook 2017 »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Infosecurity Europe, 3-5 June 2025, ExCel London

Infosecurity Europe, 3-5 June 2025, ExCel London

This year, Infosecurity Europe marks 30 years of bringing the global cybersecurity community together to further our joint mission of Building a Safer Cyber World.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

ATSEC Information Security

ATSEC Information Security

ATSEC is an independent, privately-owned company that focuses on providing laboratory and consulting services for information security.

Cyber Security Expo

Cyber Security Expo

Cyber Security EXPO is a unique one day recruitment event for the cyber security industry.

Tecnalia Research & Innovation

Tecnalia Research & Innovation

Tecnalia is the largest center of applied research and technological development in Spain, a benchmark in Europe and a member of the Basque Research and Technology Alliance.

US Cyber Range

US Cyber Range

US Cyber Range is a scalable, cloud-hosted infrastructure providing students with virtual environments for realistic, hands-on cybersecurity labs and exercises.

SurePassID

SurePassID

SurePassID is a provider of highly secure, highly extensible multi-factor authentication (MFA) solutions.

VeriClouds

VeriClouds

VeriClouds is a password verification service that helps organizations detect compromised passwords and stop account takeover attacks.

Blumira

Blumira

Blumira provides comprehensive, hybrid cloud security monitoring and reporting for organizations of all sizes, enabling them to detect and respond to cloud security threats quickly and effectively.

CrowdSec

CrowdSec

CrowdSec is an open-source & participative IPS able to analyze visitor behavior by parsing logs & provide an adapted response to all kinds of attacks.

du

du

du is a telecommunications service provider providing UAE businesses with a vast range of ICT and managed services.

Brennan IT

Brennan IT

For over 25 years, Brennan’s expert team has helped businesses achieve real success through innovative and secure technology solutions.

Strivacity

Strivacity

Strivacity lets brands quickly add secure login and identity management capabilities to their customer-facing applications without tying up an army of developers or consultants to do it.

NextGen Cyber Talent

NextGen Cyber Talent

NextGen Cyber Talent is a non-profit providing a platform to increase diversity and inclusion in the cybersecurity industry.

Omantel Innovation Labs

Omantel Innovation Labs

The Omantel Innovation Labs is a platform to enable startups and innovators to develop and commercialize solutions within selected technology verticals including cybersecurity.

LeakSignal

LeakSignal

At LeakSignal, we transform the way you monitor and protect your data. We provide unparalleled visibility and control over your sensitive data flows.

Vulnify

Vulnify

At Vulnify, we’re revolutionizing the way businesses identify and manage security vulnerabilities.

Adaptive Security

Adaptive Security

Adaptive is a next-generation cybersecurity platform. We're working with pioneering security teams to protect critical systems from AI-powered cyber attacks.