BFSI industry faces a talent crunch in cybersecurity roles
Cybersecurity is among the top three important segments for companies in the Indian financial services industry but there is a gap in the industry needs and the availability of skills. Companies in general are looking for experienced professionals but this being a nascent segment, Indian universities have not been producing as many skilled professionals as the industry needs.
«The Indian curriculum is more focused on AI, ML, and other data science courses but not cybersecurity,» said Abhik Chatterjee at Boston Consulting Group, which advises top banks in the country.
«There are very few Indian colleges that offer good, practical heavy cybersecurity courses. This is why a graduate from India is at a disadvantage when compared to a person who has graduated from a foreign university.»
Banks and insurers are ramping up their cybersecurity departments as a rising number of attacks are coming to the fore.
While there are openings, there are not enough candidates with experience to fill them. There are currently around 10,000-12,000 active cybersecurity-related job openings in the BFSI sector in India, estimates Sachin Alug, CEO of NLB Services, a human resources company.
«We are actively looking for cybersecurity experts to join our team but we need people with at least three to four years of experience,» said Ajay Kumar Srivastava, CEO of Indian Overseas Bank.
Many other banks are in the market looking for cyber experts but getting them hasn't been easy.
«Demand for cybersecurity professionals in India is around 35,000-40,000 across all sectors.
