New cyber security testing platform promises it can cut out the middle man and reduce testing costs

The financial sector spends more than £1.34 billion annually to combat the growing threat of cyber attacks, data breaches and system outages, according to research from AVORD.

AVORD is a new security testing platform and it believes the total spend on cyber security testing for all sectors could be as much as £10 to £12 billion.

The research found that 95% of businesses in the financial sector have seen an increase in the number of data breaches over the last five years. And as a result of the growing threat to mobile devices, more than half (52%) are now investing more in identifying and protecting against app-based threats.