Shortage of Cybersecurity Professionals In India; Threat to Financial Institutions In May 2023, nearly 40,000 cybersecurity professional job vacancies in India were not filled due to talent shortages
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gone are the days of bank heists involving armed robbers; today cyber criminals have taken their places. These cyber heists left several banks and financial institutions devastated in seconds. A month ago, a massive ransomware attack hit C-Edge, a joint venture of the State Bank of India (SBI) and Tata Consultancy Services (TCS) that provides banking technology services—the attack affected the payment systems of 300 small banks in India. Wazirx's cryptocurrency hack is another eye-opening cyberattack that made us realize our money is not safe.
Highlighting the same, the State Bank of India's newly appointed chairman CS Setty at the annual banking conference, Fibac, explained that the banks are making investments in cybersecurity infrastructure steadily to protect the entire banking system. "We also feel that the professional support for many of the cyber security activities is limited. I think that's going to be a big challenge going forward," he added. Further, Hitendra Dave, country chief executive, HSBC underscored the same problem and explained that the global lender faces nearly one lakh cyberattacks in a day.
It is very concerning to think of the future without skilled cybersecurity professionals in our country but where are we standing in terms of numbers today? According to Fortinet's 2024 Global Cybersecurity Skills Gap Report, 92 per cent of Indian companies experienced cyberattacks over the past year, with many attributing these attacks to a shortage of skilled cybersecurity professionals. Additionally, nearly 66 per cent of companies lost over USD one million due to cyberattacks—a 23 per cent increase from last year. Nearly 40,000 cybersecurity professional job vacancies (India) in May 2023 were not filled due to talent shortages, according to the World Economic Forum.
Meanwhile, the global front saw an estimated 3.4 million positions of cybersecurity remain unfilled in the financial sector. "As cyber threats become more sophisticated, such as through ransomware attacks and phishing scams, financial institutions need professionals capable of detecting, preventing, and responding to these risks. The lack of qualified talent is making it difficult for banks, fintech companies, and asset managers to defend against these growing threats," said Manish Tewari, Co-Founder, Spydra Technologies.
"The demand for cybersecurity professionals in financial institutions is surging year by year. This demand is driven by the prioritising the frequency and sophistication of cyber threats targeting the financial sector, which is a primary target for cybercriminals. Currently, there is a significant shortage of skilled cybersecurity experts, with demand outpacing supply," said Edul Patel, CEO, Mudrex, a competitor to WazirX.
Further, Siddharth Ugrankar, CEO & Co-Founder of Qila.io added, "Financial Organizations are among the top 5 Industries that are vulnerable to Cyber-attacks according to a recent EC council university study. The average cost of breach can easily go in millions (USD) so assuming the new Threat Vectors, Actors, and techniques alike, it is crucial the industry invests in Cyber Security as a critical priority."
The Indian cybersecurity market is expected to grow at a CAGR of 18.33 per cent from 2024-2029. This growth is indicative of the increasing investment in cybersecurity measures by financial institutions. "Financial institutions must prioritize hiring and training cybersecurity talent to safeguard sensitive data and maintain trust, making cybersecurity expertise a critical asset now and even more so in the future," Patel further added.
