Cybersecurity, cloud investments and data privacy are the top three places where banks’ finance departments will funnel more dollars next year.

According to fresh data from the Deloitte Center for Financial Services released today, 64% of survey respondents expect to increase spend on cybersecurity and 60% anticipate increasing investments in cloud storage and computing. Data was the third-highest priority among bank respondents, with 60% planning to increase spend on data privacy and 51% on data analytics.

The 2021 banking and capital markets outlook survey collected input from 200 senior banking and capital markets executives in finance, operations, talent and technology across North America, Europe and Asia-Pacific.

The widespread of adoption of digital banking services during the pandemic has highlighted an opportunity for cost-savings and improved customer service at banks, but also widens cybersecurity risk. Rapid digitization during the pandemic and the externalization of digital infrastructure — through endeavors like cloud migration and remote work — have expanded the attack surface for the banking industry, the report said. As a result, the threat volume, velocity and variability continue to accelerate. On top of that, regulatory scrutiny on data security and privacy are amplified as more financial institutions pursue the migration to the cloud.

Cybersecurity has become a top concern amid the pandemic for some of the country’s biggest banks.

Citi Chief Innovation Officer Vanessa Colella recently told Bank Innovation that cybersecurity is a priority for the $2 trillion bank’s technology and venture funding strategy. A remote workforce has not only increased the surface area for attackers, but has altered many of the behavioral cues Citi has previously used to discern abnormal behavior in the network, Colella said.

Despite the evolving cybersecurity landscape in mind, 11% of respondents said they anticipate a decreased spend on cybersecurity, and 26% expect no change to their cybersecurity tech spend next year according to the report.