The Future of Financial Services

As viewed by InfoSec leaders

Information security executives all over the world are having to balance challenging bear market conditions and continuous investment in their cybersecurity efforts.

An Aite-Novarica Group study commissioned by Mastercard surveyed 221 InfoSec executives serving large and midsize financial institutions and large and midsize merchants in five geographical regions across eight countries (the U.S., the U.K., Germany, Brazil, Australia, India, Saudi Arabia, and the UAE).

The study gives insight into the most critical enterprise defense challenges, most concerning technology trends, budget realities, and top investments for 2023.

Key findings:

• 88% of surveyed executives have an increased year-over-year (YoY) cybersecurity budget for 2023 and 2024.
• The greatest need for outside assistance is in artificial intelligence, defense against tomorrow's attacks, identity, and API security.
• Surveyed executives are most concerned about nonhuman actors or bots, Internet of Things (IoT), and the emerging digital workforce.
• Top cybersecurity investment areas in 2023 will be in malware/ransomware defenses, infrastructure security, cloud security, and API security.