TowerGroup Predicts Higher Anti-Terror Spending Rate On IT In US

Following the warning by the US Department of Homeland Security and the White House of a possible threat against specific buildings of specific financial institutions, business continuity plans have risen up the agenda on Wall Street. TowerGroup estimates that this

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Following the warning by the US Department of Homeland Security and the White House of a possible threat against specific buildings of specific financial institutions, business continuity plans have risen up the agenda on Wall Street.

TowerGroup estimates that this latest terror threat is now raising the projected IT spending in the field of operational resilience to a higher annual growth rate of 9.4% over the next three years – as firms are once again reminded of the need to ensure uninterrupted business operations and customer service in the face of massive destruction. “This warning will serve as a critical business reason to continue to fund operational resilience budgets,” says a Tower Group spokesman.

In TowerGroup’s point of view on preparedness, Virginia Garcia, a senior analyst in the Financial Services Strategies & IT Investments practice at TowerGroup, discusses the strategies that financial institutions have implemented since September 11th and how these investments will protect the US financial system as a whole.

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