Research from Optalysys has found that growth is being held back at UK financial services firms due to concerns over data security.
A survey of over 250 IT decision-makers (ITDMs) working in the financial services sector, revealed that 70% of ITDMs believe their firm’s growth is being stifled by mounting data security concerns.
The findings also revealed that over a third (39%) are unable to collaborate with external organisations due to data security constraints, while nearly half (45%) reported challenges managing or accessing sensitive data within their own organisation.
Dr Nick New, CEO of Optalysys, said: “The financial services sector is the lifeblood of the UK economy, yet businesses are being limited by outdated approaches to data security. Simply put, business can’t harness the real power of AI or can’t unlock the full value of their data because they are too busy trying to keep it safe. This is a massive missed opportunity and it’s holding the entire sector back.
“With economic growth at the top of the government’s agenda, the UK has the opportunity to take a leading position by adopting technology to drive growth across vital sectors like financial services. Our findings highlight the need for emerging privacy-enhancing technologies like Fully Homomorphic Encryption to address the challenges ITDMS within financial services firms are facing.”