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Financial Services Sector Suffering from Lack of Confidence in Security Solutions

New analysis from Intercity Technology has revealed that only 5% of financial services firms consider their cloud security solution to be fully comprehensive.

The enterprise mobility, cloud and IT specialist canvassed the views of IT professionals across a range of sectors, and also uncovered that 45% of financial businesses have not implemented their cloud-native security tools, highlighting potential issues around the security of sensitive information the sector handles and processes. 

Across all sectors, just 18% of organisations have a fully comprehensive cloud security solution in place, with almost one third (31%) citing skills shortages as the reason they lacked confidence in their cloud security, demonstrating that staff awareness is key to ensuring robust security.

Amongst companies that did have a solution in place, 18% stated that their cloud security is minimal and would benefit from a lot of improvement, suggesting that many of these businesses are more vulnerable to increasingly sophisticated cyber attacks.

Across all sectors, just 18% of organisations have a fully comprehensive cloud security solution in place, with almost one third (31%) citing skills shortages as the reason they lacked confidence in their cloud security, demonstrating that staff awareness is key to ensuring robust security.

This risk is further compounded by the fact that more than a third of businesses do not have official strategies for keeping confidential data safe, and 28% of organisations admit to not monitoring users or data at all.

Matt Johnson, CTO at Intercity Technology said: “It’s clear that businesses are still struggling to grips with the right solutions, as well as equipping their staff with the right skills to maintain a high standard of cloud security.

“There’s no one size-fits-all approach when it comes to cloud security and with so many solutions available, it can be overwhelming for organisations to choose the right tools and policies.

“However, with the sector facing an ever-increasing amount of threats, it’s essential for IT decision-makers to take proactive steps to ensure that they have a comprehensive cloud security solution in place. It’s also vitally important to educate employees on how solutions can work in tandem with their personal security efforts.”

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