Click to download
Any questions please let our team know.
The financial services industry is facing a critical shortage of cybersecurity professionals, driven by increasing cyber threats, evolving compliance demands, and outdated hiring practices.
Key Takeaways:
• Cybersecurity job opportunities continue to grow faster than other occupations, with financial services ranking as the second-largest employer of cyber professionals after the technology sector.
• The average time to hire for cybersecurity roles in financial services is 6+ months.
• Rigid hiring criteria and lack of flexibility in work arrangements are making it harder for banks to attract top talent.
• Cybersecurity professionals in financial services are increasingly looking for roles that offer hybrid work, professional growth, and competitive compensation.
• 79% of financial institutions and 77% of investment firms say that vulnerability to cyberattacks ranks as a top factor impacting their transformation plans.
This report explores the hiring challenges in financial services, key trends, and strategies to secure top cybersecurity talent in an evolving threat landscape.
Financial institutions remain prime targets for cybercriminals due to the valuable data they hold. Recent statistics highlight the severity of the situation:
• In 2024, the average cost of a data breach in the financial sector reached $6.08 million, according to IBM's Cost of a Data Breach Report.
• Ransomware attacks on banks and financial institutions globally surged by 65% in 2024 (Statista).
• Nearly 8 in 10 leaders of financial services firms say they are unable to plan for the future because of concerns over their organization’s ability to withstand cyberattacks (Mayer Brown).
These figures underscore the urgent need for skilled cybersecurity professionals to protect financial institutions from growing threats.
• High Demand, Low Supply: The demand for cybersecurity professionals in financial services continues to exceed the available talent pool.
• Hiring Challenges: Banks and insurers must compete with technology companies for top cybersecurity talent.
• Shift in Job Preferences: Cybersecurity professionals increasingly prefer roles that offer hybrid or remote work, yet financial institutions have been slower to adopt flexible work models.
• 79% of financial services firms cite cybersecurity vulnerabilities as a key factor impacting their transformation plans.
"Cybersecurity professionals now rank remote and hybrid work as a top priority when choosing roles, yet banks continue to resist these changes."
With an increasing number of cybersecurity job openings remaining unfilled, financial institutions must rethink their hiring strategies.
Financial institutions face multiple barriers when hiring cybersecurity talent:
• Experience Gaps: Many companies require years of experience for "entry-level" roles, making it nearly impossible for new graduates to enter the field.
• Rigid Hiring Criteria: Some financial firms demand certifications and experience levels that are either unnecessary or unrealistic.
• Lengthy Hiring Processes: The average hiring time for cybersecurity professionals in financial services exceeds 6 months, causing delays and increasing security risks.
• Internal HR Struggles: Many financial firms rely on internal HR teams that lack deep cybersecurity expertise, leading to prolonged hiring cycles.
"The average time to hire a cybersecurity professional in financial services is 6+ months, leaving firms exposed to security risks."
Without addressing these challenges, financial institutions will continue to struggle with hiring and retention.
The financial sector is actively seeking professionals across various cybersecurity domains:
1. Information Security Analysts
2. Penetration Testers
3. Security Architects
4. Incident Response Specialists
5. Cloud Security Engineers
6. Compliance and Risk Management Experts
The demand for these roles continues to outpace supply, creating a highly competitive job market where financial institutions must offer compelling opportunities to secure top talent.
To compete for top cybersecurity professionals, financial institutions should implement the following strategies:
1. Offer Competitive Compensation: Salaries for cybersecurity roles must match or exceed industry standards.
2. Provide Remote and Hybrid Work Options: Cybersecurity professionals increasingly prioritize flexibility.
3. Invest in Professional Development: Training and certification support can help attract and retain skilled professionals.
4. Reduce Hiring Barriers: Re-evaluating rigid experience requirements can help broaden the talent pool.
5. Partner with Specialized Recruiters: Recruitment firms with cybersecurity expertise can streamline hiring processes.
6. Focus on Retention: Avoid burnout by ensuring cybersecurity teams are properly resourced and supported.
By adopting these strategies, financial institutions can improve their ability to hire and retain top cybersecurity talent.
The financial sector faces unprecedented cybersecurity threats, and hiring skilled professionals has never been more critical.
Organizations that fail to adapt their hiring and retention strategies will struggle to fill positions, leaving them vulnerable to growing cyber threats. By improving hiring practices, offering competitive compensation, and rethinking workplace flexibility, financial firms can position themselves as attractive employers in cybersecurity.
Raeesa Patel
E : raeesa.patel@goodmanmasson.com
T : +1 646 916 3803
