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Cybersecurity insights 2023: Budgets and benchmarks for financial services institutions

Understand where your organization’s budgetary spend on cybersecurity compares to your peers

In a time of budget challenges, Deloitte’s 2023 budgetary benchmark of cybersecurity spend for financial services survey illuminates three key trends and provides insights to help you align your cybersecurity operations with industry standards.

Trust is critical for financial services institutions. Few events can undermine the faith of customers, investors, and regulators more quickly and thoroughly than a data breach or a shutdown of digital services. Cybersecurity is a critical—and growing—priority for financial institutions of all types.

Cybersecurity’s importance is reflected in Deloitte & Touche LLP’s 2023 Cybersecurity for financial services survey, conducted in June 2023. Among the 61 financial organizations surveyed, three key trends emerged:

  • Cybersecurity budgets are challenged, but fundamental concerns still dominate priorities.
  • Digital transformation is the top business driver for cybersecurity organizations, but regulatory pressure is increasing and gaining in importance.
  • Cybersecurity organizations are increasingly centralized and focused on business concerns beyond information technology (IT). This shift reflects cybersecurity’s growing strategic role for the business.

The task of managing cyber risk has never been more challenging. Deloitte’s 2023 survey can provide chief information security officers (CISOs), chief information officers, CEOs, and boards insights to help them align their cybersecurity operations with industry standards.

Download the full report for a deep dive into the data.

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