Never Miss a Beat: Get a snapshot of the issues affecting the IT industry straight to your inbox.
Compliance Is No. 1 IT Priority For Banks: Report
Compliance with Sarbanes-Oxley, Basel II, and other regulations is expected to consume 4.6% of banks' IT budgets in 2006.
1 Min Read
U.S. banks will spend $2.6 billion this year, or 4.2% of their total IT budgets, on systems for achieving compliance, according to a report released Thursday by research firm Datamonitor.
Compliance is consuming a larger percentage of banks' IT spending as they cope with a rash of new regulations, including the Sarbanes-Oxley Act, the USA Patriot Act, and Basel II. Last year, 3.8% of IT budgets went to compliance. That's expected to jump to 4.6% in 2006.
More than 80% of respondents surveyed by Datamonitor said that compliance is their top IT priority this year, supplanting core operations and branch renewal as primary drivers of IT spending.
About the Author(s)
You May Also Like
More Insights
Webinars
How to Amplify DevOps with DevSecOps
May 22, 2024Generative AI: Use Cases and Risks in 2024
May 29, 2024Smart Service Management
June 4, 2024
Editor's Choice
May 2, 2024
While there are plentiful options in cyber resiliency and business continuity tools and platforms, there isn’t one that can knock out everything from sudden cloud outages to prolonged ransomware attacks in a single punch. What can you do to keep the company on its feet no matter what is thrown at it? Find out in this new virtual event.
Reserve Your Seat Now