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Banks in Singapore most worried about tech-related crimes, risks: poll
BANKS in Singapore are most concerned over crimes and risks linked to technology, a PwC global survey on Wednesday showed.
And when asked about the level of preparedness in dealing with risks, respondents' answers out of Singapore led to an overall score of 2.9 out of a possible 5. This is lower than the world average of 3.13.
Singapore's respondents emphasised technology risks as the threats posed to banks by cybercrime, legacy IT systems and reputational damage via social media, showed the survey, which had 23 responses from Singapore.
One risk manager warned of "technology companies taking away profitable slices of banking business and enjoying regulatory arbitrage", while an industry observer noted "an alarming rise in number of cyberattack incidents recently, high cost of prevention".
Banks here are also wary over social media, with one respondent noting that "opinion can be mobilised quickly and in significant numbers" in this digital age.
The Singapore respondents ranked the macroeconomic environment as the third-biggest concern after criminality and technology risks. But the fears over the economic conditions are also clear, as the ranking jumped most notably through the list of worries, from 15th place last year to third spot this year. The top concern for the banks, globally, is the economic conditions, while criminality and technology risk ranked second and fourth respectively.
The poll is based on responses from more than 670 bankers, banking regulators and close observers of the banking industry in 52 countries.