Cybersecurity the biggest investment for UK finance leaders in 2023

Improving cybersecurity is the top priority for UK finance leaders in 2023, according to a new survey released today, as many start to submit their New Year’s resolutions.

The new survey commissioned by Purchase-to-Pay automation provider Yooz showed that 44% of UK finance leaders said their department is planning to focus on cybersecurity over the next 12 months, closely followed by Cloud and SaaS systems (42%) and big data analytics (29%).

Cybersecurity threats have steadily increased over the past few years. 39% of UK businesses identified a cyber attack in 2022, while some less cyber-mature organisations in this space may also be underreporting attacks.

Other priorities for new year finance investments include creating an environment that people want to work in (37%), dealing with cybersecurity threats (34%) and general efficiency improvements (34%).

Digital payments were also high up on the priority list, with 43% planning to adopt the method within the next six months and 27% already doing so.

Laurent Charpentier, CEO at Yooz, said, “Finance leaders are clear in where their priorities lie. As we move towards the New Year, there will be an immense shift towards digital technologies that can better protect companies against cyber-attacks, phishing attempts, and fraud.

“The benefits won’t just be on security, however, with wider advantages to be realised by creating a more efficient and dynamic working environment. As businesses advance along the digital transformation journey, more and more will look to digital and automated tools that boost both cybersecurity and productivity,” Charpentier concluded.