Global financial services firms are prepared to pour big money into information security in a bid to strengthen risk management, according to PricewaterhouseCoopers (PWC) research.

A global study of 7200 respondents found an increased risk environment has “visibly elevated the role and importance of the information security function” over the past year.

Despite the downturn, 64% of global financial services firms say spending on information security will increase or stay the same this year while 40% expect to ramp up their outlay.

The results were revealed in a worldwide PWC survey, which says key areas of focus include protecting data elements and addressing the risks posed by social networking.