The need for cyber security professionals on the rise in the Banking, Financial Services and Insurance sector
With the ongoing pandemic and the demand for digitization across sectors as a mandate, the need of the hour for an organization is to be ‘cyber security ready’. The gradual cognizance of the importance and adoption of cyber security as a ‘business enabler’ across industries can be conferred to the rapid digitization, increasing cyber threats and regulatory focus.
With the steep transformation and leveraged technology to suit the need of the evolving customers, the Banking, Financial Services and Insurance sectors have been on a constant urge to improve customer experience. One of the largest sectors from implementation, application and regulation perspective, BFSI alone contributes to 26% of the total expenditure in the cyber security market. As per industry reports by PwC, the sector is expected to increase its expenditure to $810 million from the existing $ 518 million by 2022 by clocking in a CAGR of 16.1%. This superlative growth and thereby the demand of trained cyber security professionals in the domain of BFSI can be attributed to a number factors, ranging from multiple directives and mandates from regulators like RBI and SEBI, mass adoption of digital utility payments, e-commerce transactions, online insurance marketplaces and mobile banking etc. In this context it will be worthwhile to mention about the mass adoption of digital payments transactions in India, especially post demonetization, the value of which is estimated to grow at a CAGR of 20.2% from approximately $64.8 billion in 2019 to $ 135.2 billion in 2023.With more and more people resorting to online banking during this COVID 19 pandemic , it is needless to say that the implementation, maintenance and safe-keeping of a robust cyber secure architecture is the need of the hour.
Together these above mentioned directives, mandates, pandemic situation and end consumer adaption has created a huge demand for professionals for establishing and running dedicated cyber security facilities, the ‘C SOC’s (Cyber Security Operations centers)of the respective banks, regulators, payment gateway vendors in profiles ranging entry level to the top of the pyramid. The common job profiles in this sphere will constitute of information risk auditors, firewall and security device development professionals, security analysts, intrusion detection specialists, computer security incident responders, cryptologists, vulnerability assessors, lead security architects and chief information security managers. However, the challenge in hand is to create a trained cyber army and once fully trained and equipped, a bright career awaits them just round the corner!
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