Demand for cybersecurity talent on the rise

risk management

Responses to the recent global cyber attack were as expected – calls for regulation, security lock downs and discussions about the fate of technology in the future.

By 2020, some experts predict that nearly 200 billion items will be connected. That’s 200 billion chances to hack into vulnerabilities, and companies beyond the technology sector are starting to register the need for better security.

Banks have always been targets for cyber attacks due to their sensitive information, but a recent survey by AIG found that the finance industry is more likely than any other industry to experience a systematic attack. Unfortunately, the solution is not as simple as hiring more cybersecurity talent.

All industries are experiencing a squeeze on cybersecurity talent. According to a report from Frost & Sullivan, the global cybersecurity workforce will have more than 1.5 million unfilled positions by 2020. The supply isn’t enough to quell the demand.

Companies are not just competing against each other for cybersecurity talent. Cyber crime is now a $445 billion business and can be more attractive to competitive talent looking for big pay days. Because of this, financial services companies are now fighting to draw talent away from Silicon Valley, the U.S. Government, and underground crime rings around the world.

How can banks stay competitive despite these challenges? Developing a comprehensive recruiting strategy for cyberscurity talent is a must. Prioritize which areas within the company face the biggest risks and thoroughly vet any third party vendors or platforms that could automatically protect from minor attacks.

Anything that cannot be automated should be ranked in order of vulnerability. From there, determine the parallel workforce numbers.

Finding cybersecurity talent can be difficult, especially people with a decent fluency in the finance sector. Consider talent that might be “nontraditional” when compared to other hires. Previously working within finance is a bonus, but limiting searches to only those backgrounds will lengthen the recruiting process. Instead, establish a training program for new hires that’s thorough enough to close any skills or knowledge gaps.

The demand for cybersecurity talent is on the rise and banks need to be at the front of the herd to attract the best and brightest. Looking for a cybersecurity job? Explore cybersecurity roles at top finance firms here.

Hiring for cybersecurity roles? Contact us below to search OneWire’s candidate community of nearly 600K+ finance and technology professionals.