The expression “You can just do it online” has become popular in the current digital era, particularly when referring to the wide range of services provided by banks, financial institutions, and insurance firms (BFSI). Online banking, digital payments, and cloud-based services have changed the industry with their convenience. From depositing your salary with a simple snapshot to enrolling for a new credit card from the comfort of your couch, or even submitting a claim via your smartphone in only seconds, these services have made financial services much easier. However, this increased reliance on digital platforms raises the need for strong cybersecurity defenses to protect private client information and maintain the accuracy of financial transactions.
At Toronto Innovation College, we are aware of the critical need the BFSI industry has for qualified cyber security specialists. We are dedicated to bridging this gap as online cyber security trainers by offering thorough training courses. This blog will discuss the condition of cyber security in BFSI at the moment, possible hazards related to the skills gap, and doable tactics that businesses can use to reduce these risks with the use of corporate training programs.
The current cyber security skills gap in BFSI
It means that there aren’t enough people ready to handle cybersecurity activities due to a lack of knowledge and skills. BFSI is a name for financial services, insurance, and banking. It’s all about the financial industries, such as banks, insurance companies, and investment companies.
So, when we refer to the “current cyber security skills gap in BFSI,” we mean that insufficiently skilled individuals are available to defend financial institutions, insurance providers, and banks against cyberattacks.
Speedy Technological Developments: This points to a rapid pace of technological change. There is constant development going on with new tools and technologies.
Changing Cyber Risks: Cyber hazards create a risk to networks, computers, and the data they contain. These dangers are always evolving and getting more complex. The conflict between hackers and those attempting to stop them is like a game of cat and mouse.
Lacking of Skilled Experts: Too few people possess the knowledge and abilities needed to fight these cyberthreats. This is dangerous since it’s challenging to defend businesses and their clients from cyberattacks in the absence of qualified specialists.
Possible Dangers of the BFSI Sector Gap:
This means studying potential negative outcomes for financial institutions such as banks and insurance firms due to a shortage of cybersecurity experts.
Financial Losses: If hackers steal money or interfere with a bank’s or other financial company’s systems, they could lose money.
Reputational Damage: People may stop trusting these companies in the event of cybersecurity attack. It’s as though their excellent record is damaged.
Regulatory Penalties: They may be subject to fines or other types of penalties from the government if they break the cybersecurity regulations.
Operational Disruptions: Cyberattacks may interfere with these businesses’ regular business activities. It seems as though operations are paused or slowed down.
Intellectual Property Theft: These businesses may lose their competitive edge and capacity to innovate if hackers steal important ideas or information from them.
Therefore, the dangers include losing money, ruining their reputation, getting in trouble, having things interrupted, and losing important data.
Strategies to Mitigate the Skills Gap:
Training and Upskilling:
This refers to sharing knowledge and boosting the abilities of those employed in the BFSI industry. Employers can help staff members keep current on new techniques and get greater knowledge about cybersecurity by offering training sessions.
Relations with Academic Institutions:
This entails collaborating with colleges, universities, and schools. The BFSI industry can work with these educational establishments to create cybersecurity-focused curricula or programs. Additionally, they can provide students with apprenticeships or internships to provide them practical work experience.
In order to close the skills gap, businesses should concentrate on retraining and upskilling their current employees. They should also establish collaborations with academic institutions to draw in and nurture fresh talent in the field of cybersecurity.
The Role of Corporate Training and Upskilling:
This is all about how businesses support their workers’ skill development.
If you work for a large organization, they may provide you with workshops or specialized training to help you advance in your position. That’s training for corporations. Upskilling is also when they assist you in learning fresh knowledge that advances your proficiency in your field.
Thus, the purpose of corporate training and upskilling is to guarantee that workers have the skills and information necessary to do their tasks to the highest standard. It’s similar to providing them with the means to achieve.
Leveraging Career Services for talent acquisition
This means looking out and hiring talented individuals for positions with the help of career services.
Consider yourself a business that is hiring new staff members. Speak with career services at colleges, universities, or professional associations rather than just posting job advertising and waiting for applications. These career services assist you in making connections with professionals or students who are seeking employment and who possess the qualifications necessary for the roles you are offering.
Therefore, using career services to acquire talent is similar to accessing a pool of job seekers who are actively seeking employment, which facilitates the process for employers to identify and select qualified candidates.