FI CISOs to ask for bigger cybersecurity budgets

Nearly three quarters of chief information and security officers at financial institutions plan to ask their firms for an increase in cybersecurity investments in the next year, according to a survey.

Of 301 CISOs quizzed by the Financial Services Information Sharing and Analysis Center (FS-ISAC), more than half say that 10% or less of their organisation’s overall budget is dedicated to cyber security and 73% are looking for a bump.

Of the money that does go to cybersecurity, just over half of respondents cite IT infrastructure and asset management as the area that receives the most funding. The three areas that receive the least amount of funding include employee training and education, vendor management, and business continuity.

Steve Silberstein, CEO, FS-ISAC, says: “Institutions are now finding vulnerabilities across other functions of the business with employees and third-party vendors becoming areas of increasing concern. A holistic approach to cyber is critical to mitigate current and long-term risks.”