News release Date UNDER EMBARGO: 00:01am GMT on Wednesday 21 March 2018 Contacts More details: Follow/retweet: @PwC Pages 3 Cyber threats topple over-regulation as top risk for Banking and Capital Markets CEOs Banking & Capital Markets (BCM) CEOs are bullish about economic growth – 57% believe it will improve over the next 12 months, compared to 30% in 2017 BCM CEOs’ optimism about the economy hasn’t translated into increasing confidence in the prospects for their own organisations – 38% are very confident about their companies’ ability to boost revenue growth over the next 12 months, down from 40% in 2017 The pace of technological change (85%) and the closely-related impact of changing consumer behaviour (73%) as threats to growth are on the rise It’s probably why less than half (44%) of BCM CEOs are clear about how robotics and AI can improve customer experience Cyber threats have replaced over-regulation as top concern for Banking and Capital Markets (BCM) CEOs. 89% are worried about their cybersecurity, while 93% will be investing more heavily in it in 2018. That’s one of the main takeaways from the report ‘Driving change: no magic solutions, just hard work’, which is part of PwC’s 21th Global Survey and highlights the outcomes of interviews with 188 BCM CEOs around the world. David Hoffman, Global Banking & Capital Markets Leader, says: “There are two types of BCM organisations – those that have experienced a major cyberattack and those that will. Unsurprisingly, nothing is more likely to keep their CEOs awake at night. The importance of cyber protection to customer trust underlines the extent to which cyber threats are a strategic rather than just IT risk. Developments such as the EU’s General Data Protection Regulation (GDPR) make the need for more proactive safeguards, better coordination and more systematic response plans even more pressing.” Partnering rather than competing with FinTech BCM CEOs seeing the pace of technological change (85%) and the closely-related impact of changing consumer behaviour (73%) as threats to growth is up on last year. They’re realising customer behaviour can’t be addressed without first dealing with the technological disruption that drives them. At the same time, the relatively low level of perceived disruption coming from new competition would
News release Date UNDER EMBARGO: 00:01am GMT on Wednesday 21 March 2018 Contacts Pages More details: Follow/retweet: @PwC 3 Cyber threats topple over-regulation as top risk for Banking and Capital Markets CEOs Banking & Capital Markets (BCM) CEOs are bullish about economic growth – 57% believe it will improve over the next 12 months, compared to 30% in 2017 BCM CEOs’ optimism about the economy hasn’t translated into increasing confidence in the prospects for their own organisations – 38% are very confident about their companies’ ability to boost revenue growth over the next 12 months, down from 40% in 2017 The pace of technological change (85%) and the closely-related impact of changing consumer behaviour (73%) as threats to growth are on the rise It’s probably why less than half (44%) of BCM CEOs are clear about how robotics and AI can improve customer experience Cyber threats have replaced over-regulation as top concern for Banking and Capital Markets (BCM) CEOs. 89% are worried about their cybersecurity, while 93% will be investing more heavily in it in 2018. That’s one of the main takeaways from the report ‘Driving change: no magic solutions, just hard work’, which is part of PwC’s 21th Global Survey and highlights the outcomes of interviews with 188 BCM CEOs around the world. David Hoffman, Global Banking & Capital Markets Leader, says: “There are two types of BCM organisations – those that have experienced a major cyberattack and those that will. Unsurprisingly, nothing is more likely to keep their CEOs awake at night. The importance of cyber protection to customer trust underlines the extent to which cyber threats are a strategic rather than just IT risk. Developments such as the EU’s General Data Protection Regulation (GDPR) make the need for more proactive safeguards, better coordination and more systematic response plans even more pressing.” Partnering rather than competing with FinTech BCM CEOs seeing the pace of technological change (85%) and the closely-related impact of changing consumer behaviour (73%) as threats to growth is up on last year. They’re realising customer behaviour can’t be addressed without first dealing with the technological disruption that drives them. At the same time, the relatively low level of perceived disruption coming from new competition would
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