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Are worries over cyber security helping the risk market grow?

Insight | Cyber criminals | Security measures | Incidents

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As worries surrounding data security grow in the market, it is more important than ever before to put security measures in place to reduce the chances of data being stolen.

In recent years, there have been numerous high-profile cases of information being stolen by cyber criminals, with many of the incidents resulting from poor risk management and simple misplacing of data.

Due to these incidents, companies have now started to spend large amounts of money on data management to make sure they do not fall foul of the law. 

How has the risk market grown in recent years?

A new study from the International Data Corporation (IDC) found that global risk information technologies and services (RITS) spending will increase to $78.6 billion (£51.84 billion) this year, before rising to $96.3 billion by 2018 at a compound annual growth rate of 6.97 per cent between 2013 and 2018. 

Overall IT spending for the global financial services market in 2015 is set to reach $458.4 billion for hardware, software and internal and external IT services. By the time the forecast period ends, it is believed the spending will rise to $522.3 billion. 

All components of the market devoted to risk management will represent an average of 17.1 per cent of overall spending by chief information officers, chief technical officers, risk and compliance officers and line-of-business IT executives across 2015, before rising to 18.4 per cent of spending by 2018. 

Capital markets were found to spend more on risk technology than the overall sector expenditure, as over 24.5 per cent of spending was provided to risk functions by 2018. 

On the other hand, risk technology investments by institutions in the Asia/Pacific market will increase at a higher rate than average, whereas money contributed by companies in North American and European sectors are expected to rise more slowly.

As well as this, investments in external risk services are increasing at a quicker pace than average, whereas spending on internal risk IT services is rising at a slower rate in the forecast period. 

Michael Versace, global research Director at IDC Financial Insights, said: “As institutions begin to see the connection between digital strategies and risk strategies, and new innovations from 3rd Platform vendors unfold, traditional Fintech vendors will be challenged to demonstrate value in digital strategies while at the same time discover white space opportunities.

“To meet this challenge, Fintech vendors will require deeper insights into enterprise strategies, brand and product perceptions, unmet needs, and important buying triggers.”

How can businesses make the right cyber security hire?

To make sure they do not hire the wrong individual, companies need to ensure they complete comprehensive background checks on their candidates and select those who have the right attributes for the role. 

As the security market is in a constantly evolving state, it is important that managers try to recruit people who are up to date with the latest skills, as they can identify new threats and address them quickly.


Posted by Jon Aspinell on 12th May 2015

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