The pace of moving to hybrid working due to the global pandemic has triggered a surge in cybersecurity spending among City firms, with 70% planning to boost the investment, up 22% from last year.

The figures from a survey, carried out by PwC and the Confederation of British Industry, comes as most City firms announce plans to roll out a hybrid working arrangement. The changes would mean employees would spend part of their time in the office and the rest of the time at home, potentially exposing their firms to cybersecurity risks.