New research has highlighted concerns of how well-equipped firms are to deal with the rising threat of cybercrime.

A strong 88 per cent majority of organizations do not believe their information security is meeting their needs, according to a survey by Ernst & Young.

Meanwhile, 36 per cent said it was unlikely they would be able to detect a sophisticated attack, according to the survey of 1,755 respondents from 67 countries across all major industries.

As the “digital revolution” continues to open up opportunities in the financial services industry, including the use of mobile platforms in private banking, it has also made way for a string of high-profile hacking attacks, including that on JP Morgan last year. Last month, three men were charged for the elaborate attack, which affected the accounts of over 76 million individuals and compromised user contact details.

EY noted that in the rush to take advantage of the enormous potential offered by the digital world, many precautions have been overlooked and risks underestimated. Over half (54 per cent) of organizations do not currently have a role or department in their information security function that is focusing on emerging technology and its impact. In addition, 57 per cent of respondents flagged a lack of skilled resources, stating that this was challenging the contribution and value of their information security unit. This was up from 53 per cent last year.

Criminal syndicates have become a more prominent threat in 2015, according to the survey. Compared with 53 per cent last year, 59 per cent of respondents identified such groups of organized crime as the most likely source of an attack today.

The survey, which was conducted between June and September 2015, took responses from CIOs, CISOs, C-level executives and other information security executives from 67 countries across all major industries.