8 Tips for Hiring Reliable Cybersecurity Talent in Finance

According to cybercrime statistics, 74% of botnet DDoS attacks and 29% of all phishing campaigns are targeted towards businesses in the financial sector

Some of the most notable, large-scale data and money heists include the incidents involving: Data Processors International, CardSystems Solutions Inc., Nordea Bank, Heartland Payment Systems, Epsilon, Mt. Gox Bitcoin Exchange, and Bangladesh Bank.

Hackers are dangerous because the internet gives them a boundless range and the prediction of their attacks is as difficult to pull as an accurate forecast of any volcanic eruption.

Even worse, many financial institutions also have internal threats to contend with. Barings Bank, China Construction Bank, Societe Generale, the Korean Credit Bureau, and Punjab National Bank learned this lesson the hard way.

In 2020, the need to have impregnable cybersecurity, especially in financial services, is not even a question. The problem is that it is painfully hard to recruit talent due to the pervasive shortage of capable professionals.

Many American banks have started to offer higher salaries in hopes of attracting quality candidates. But such a strategy may no longer be as effective now as it might have once been. Cybersecurity pros are aware that it is a buyer’s market, so competitive pay is more of a given than a unique value proposition.

To aid your recruitment (and retention) of cybersecurity talent, use the eight tips below.

1. Consider Outsourcing

Outsourcing is a viable option to expand your talent pool. Then again, understand that delegating a crucial business function to an external party is not an all-cure. You should not even outsource all of your cybersecurity needs and share information about strategically important accounts and credentials to a service provider.

Instead, capitalize on this option to fill the gaps in your cybersecurity measures and complement your current efforts to achieve better results.

Moreover, take the complexities of outsourcing into account. Cultural differences, language barriers, and geographical constraints could negatively affect the synergy between your in-house employees and remote cybersecurity pros.

2. Lay Down the Foundations for Cybersecurity

If you choose to have cybersecurity talent on staff, it is imperative that you have the necessary IT infrastructure and at least a decent risk management program in place. Many candidates are not willing to work for a financial services organization that lacks the basics to comply with strict government regulations to begin with.

Furthermore, the absence of relevant technologies and frictionless processes to keep hackers at bay could also put your financial institution in a bad light. Average cybersecurity talents put a premium on organizational qualities, for they do not want to waste their time on companies that do not respect the sanctity of data and the importance of proper tech investment.

3. Define Cybersecurity Responsibilities Clearly

A list of well-defined responsibilities is one of the elements of the most compelling cybersecurity job postings. Cybersecurity pros care about their roles, and they want to envision what their place in your organization would be if they accept your offer.

Again, it is not just about the money. Actually, you should not overemphasize the pay since cybersecurity talents usually give intangibles like social impact or career growth priority over material benefits, which they could easily find elsewhere.

4. Admit Past Security Breaches

If your financial institution has been hacked or defrauded before, you should proactively tell the story. Admission of holes in your cybersecurity program is not a sign of weakness. Rather, it is an expression of acceptance of the vulnerabilities of your system and company policy.

Cybersecurity talents value trust. Your lack of transparency early in the recruitment process might come back and bite you eventually. As an important member of your organization, a cybersecurity pro should be familiar with your financial institution’s history of hacking and fraud incidents.

5. Take Expert Opinions Seriously

All subject matter experts want their views and professional opinions to be taken seriously. But cybersecurity talents can be extra sensitive.

Generally, they want assurance that C-level executives will genuinely listen and heed their advice on how to protect the organization. Otherwise, they will not hesitate to take their skills to another company where they are treated accordingly.

From a cybersecurity point of view, preventing attacks when they happen is hard enough. The pressure of securing the assets and identities of countless individuals should be the only burden cybersecurity talents have to shoulder. The last thing any of them want is to deal with indifference, politics, or being ignored.

6. Advance the Institutional Knowledge of Cybersecurity Recruits

Develop a well-thought-out onboarding policy. It will not just make your new cybersecurity talents welcome but also improve their institutional knowledge.

Proper employee training is the key to gaining the critical wisdom every member of your organization must possess. Refresher courses also matter to invigorate everyone’s memory, allowing each one to be data-driven when dealing with challenges. After all, a cybersecurity professional will not be an effective decision-maker when uninformed.

7. Arm Ordinary Employees With Cybersecurity Skills

In any financial services organization, most, if not all, employees should have basic cybersecurity dexterity. It can make the lives of your in-house domain experts easier since inept staffers make up your company’s soft underbelly. A hacker might need to trick only one unknowing or gullible employee to execute a devastating money or data heist.

Equipping average employees with rudimentary cybersecurity knowhow does not have to be too technical. Underscoring common sense should be at the heart of the training.

Scheduling educational sessions about popular and new scams as well as simple preventive measures will suffice. Regular information dissemination campaigns can send a positive message to your in-house cybersecurity talents too.

8. Invest in Continuous Training

Most importantly, you should finance the development of your cybersecurity professionals on staff. In the fluid field of cybersecurity, so-called experts do not stay authorities on the domain for too long. Apart from the chance to do their jobs better, cybersecurity talents appreciate any opportunity to be ahead of the curve and in the forefront of innovation.

Final Word

The conundrum of hiring and keeping quality cybersecurity talent is the cross human resources has to bear. The said tips do not guarantee seamless employee recruitment and retention, but they certainly help paint an encouraging picture of your financial institution as a desirable workplace.