Security professionals in high demand

Recent years have seen major technical developments in the financial services industry and this has boosted demand for those with the right security skills.

The increase in cybercrime has led to a greater focus on the need for financial firms to protect their data and prevent possible attacks.

Many companies looking to recruit staff with knowledge of security within the industry have seen a lack of appropriate skilled people and this has created a sharp increase in the rewards on offer to those who do have the correct experience.

With such changes over the past decade, it means many companies are having to quickly adapt to the new challenges and this means they have often have to look at potential employees outside of the traditional financial services industry – maybe those with experience in the defence industry.

Cyber-security has become paramount in the sector, with companies worried about possible fraud and attacks against their systems, this has led to the creation of chief information security officers at many firms.

Of course, it is not just cybercrime that has created an upsurge in demand for those with digital skills. The changing nature of interacting with customers and potential clients means financial services firms need to be able to have a strong digital presence via social media, as well as dealing with platforms such as mobile, tablet and the web.

Development of banking apps and digital payment options means a variety of skills need to be employed to keep up with competitors and stay at the cutting-edge of the market.

Some firms are working hard to ensure they retain staff and therefore there has been the development of deferred compensation packages to ensure the right employees remain committed to their employer.

Growth of big data

It is expected that big data and data analysis will continue to push up demand for those with the right skills over the coming years.

The advantages of such technology could play a major role in the financial services industry, with companies with the right approach set to benefit significantly from the trend.

Increase in compliance costs

It would also appear that the focus on ensuring information security is going to have an impact on compliance costs for many firms within the financial services sector.

Any increase in regulatory burdens is expected to hit budgets and could reduce recruitment resources across other departments.