Cybersecurity gaps pose risks and rewards

Regulatory scrutiny of banks' data protection systems has created opportunities for cybersecurity consultants and a potential market for cyber risk insurance.

Lawmakers and regulators in Asia have stepped up scrutiny of cybersecurity threats, boosting the hiring market for consultants.

“Banks are definitely increasing their expenditure,” Paul O’Rourke, cybersecurity leader for Asia Pacific Ernst Young, said. “In some areas of cybersecurity, because it is in such demand, it is becoming increasingly hard to acquire and to retain resources. It is a very hot market for skilled practitioners.”

Some banks are looking to recruit younger, tech savvy staff. “Banks need to be constantly hiring young people who are better and sharper and more skilled in this area than prior generations because these are new technologies”, said Citi’s CEO for Asia...

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