# Digital transformation report reveals biggest finance tech fears for 2018: sophisticated cyber threats and being ready for GDPR Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-12-22 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Key Technology Concerns in Finance Sector: GDPR Compliance Meta Description: Discover the top technology concerns, from data security to compliance with GDPR, for IT professionals in the finance sector. Get insights from the latest Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/digital-transformation-report-reveals-biggest-finance-tech-fears-for-2018-sophisticated-cyber-threats-and-being-ready-for-gdprhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd221217-1-1-1736843124394-compressed.jpg) Concerns about data and system security, and ensuring systems will be equipped for compliance with GPDR\* are among the key technology concerns for IT professionals in the finance sector, according to a new study from digital workplace provider Invotra. Research, conducted with senior IT managers working across a variety of financial services organisations, found that 85% of respondents consider data and systems security to be their biggest priority. Over half (52%) also said that high profile cyber-attacks in the news prompt greater scrutiny on existing systems, and nearly a third (31%) said they make everyone within the organisation fearful, hampering productivity.  However, the research points towards a confidence in the sector, with 94% of organisations considering themselves well-equipped to ward off cyber-attacks, yet a quarter still fear [cyber threats](https://www.financedigest.com/using-threat-intelligence-to-minimise-cyber-insurance-risks.html "Using Threat Intelligence to Minimise Cyber Insurance Risks") becoming more sophisticated and harmful in 2018. With improving [digital services](https://www.financedigest.com/the-digital-first-world-financial-services-predictions-for-2022.html "The digital-first world: financial services predictions for 2022") a core focus for the finance sector, respondents were also asked for their views on how well they believe their organisation is performing in this area. Almost a fifth (19%) said they think digitisation objectives are an important focus, but that the [finance sector is way](https://www.financedigest.com/6-ways-to-finance-your-dream-vacation.html "6 Ways to Finance Your Dream Vacation") behind others. 12% said they had already achieved their [digital transformation](https://www.financedigest.com/digital-transformation-for-the-world-of-finance-the-rise-in-collaboration-tools-and-saas-applications.html "Digital transformation for the world of finance: The rise in collaboration tools and SaaS applications ") goals. Respondents were also asked about the barriers to [transforming digital](https://www.financedigest.com/world-class-finance-digital-transformation-and-analytics-based-decision-making-among-key-imperatives-for-creating-finance-agility.html "World-Class Finance: Digital Transformation and Analytics-Based Decision Making Among Key Imperatives for Creating Finance Agility") experiences for customers, and a third cited high costs, with a further quarter saying not enough time is dedicated to it in their business.  When it comes to driving transformation of broader technologies used within the organisation, over a third (36%) said the length of time needed to migrate to new systems is a deterrent, [followed by an internal resistance to change](https://www.financedigest.com/ubs-makes-changes-to-buyback-programme-following-credit-suisse-takeover.html "UBS makes changes to buyback programme following Credit Suisse takeover") (31%). Invotra also sought to understand how IT professionals rate the current investment levels in digital transformation. 64% of respondents believe the right amount has been invested in improving [digital services](https://www.financedigest.com/constructive-digitization-to-let-the-remote-patient-monitoring-services-market-come-of-age.html "Constructive digitization to let the Remote Patient Monitoring Services Market come of age"), but almost a fifth (18%) believe not enough spend has been dedicated to modernisation. Respondents were also asked to rank the relevance of various emerging technologies, and cited Intelligent Process Automation as the most useful to their business, followed by [Artificial Intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "Artificial Intelligence") (35%) and Predictive Modelling (33%). Blockchain ranked lower in terms of perceived relevance (25%) and was only currently used by a fifth of those surveyed within their organisation. Fintan Galvin, chief executive officer at Invotra said “It’s clear from our study that finance technology professionals understand the need to drive change. But, they are charged with providing an accessible digital workplace with meaningful results in terms of improving people’s work lives, whilst facing sophisticated [security threats](https://www.financedigest.com/the-future-of-finance-how-to-defend-against-the-top-threats-to-cloud-security.html "The Future of Finance: How to defend against the top threats to cloud security"). And, there is, of course, pressure to do more with less. “Organisations [need to wake up and realise that enhancing digital](https://www.financedigest.com/financial-services-need-a-digital-transformation.html "Financial services need a digital transformation") capabilities is about enabling people and not the sole responsibility of IT departments. This research highlights a need for widespread buy in, and understanding of [digital workplace technologies](https://www.financedigest.com/increasing-private-and-public-investment-in-digital-imaging-technology-particularly-in-the-field-of-healthcare.html "Increasing private and public investment in digital imaging technology particularly in the field of healthcare") across organisations, and for proper user training. Without this, transforming the internal and external customer experience, is going to prove impossible.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---