A Rubrik Zero Labs report, commissioned by Rubrik and conducted by Wakefield Research, revealed on January 16, 2025, that nearly half of UK financial and banking organizations spent over one million euros in the last two years on implementing regulations like DORA and PRA. This highlights the significant financial burden of compliance.
The report found that ransomware remains the greatest cyber threat to the UK's finance and banking sector, with 46% of CISOs identifying it as such. Despite implementation efforts, one in five CISOs cited third-party compromise and 19% cited software supply chains as significant threats.
James Hughes, VP of Solutions Engineering and Enterprise CTO at Rubrik, emphasized the necessity and expense of implementing regulations given increasing threats. He stressed that understanding critical data, its location, and access is essential for identifying, assessing, and mitigating ICT risks, with non-compliance potentially leading to fines from the Financial Conduct Authority (FCA).
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