What Skills Are Needed For Cybersecurity In The Banking Industry?

cybersecurity-skills

Delegation, delegation, delegation—it's the name of the game when it comes to boosting your financial institution's digital safety in our current climate.

Why?

Because the technologies available for your credit union or bank are becoming more nuanced, more advanced, and more sophisticated—and so are the cyber attackers and criminals trying to take advantage of them.

Unless you have team members whose area of expertise is predominantly geared toward your firm's cybersecurity, your entire banking community may be at serious risk of stolen data and security breaches due to accidental oversights and unaddressed vulnerabilities. 

If you've been thinking about hiring cybersecurity team members at your institution, it's helpful to know how to pick the right hire. 

 

Why Is Cybersecurity Important In Banking? 

First, protecting a bank or credit union from cybercrime is important because the industry is regulated by the Gramm-Leach-Bliley Act.

Maintaining compliance with GLBA—and continuing to do so over a long period of time—can be challenging. 

Cybercriminals know this because the financial services industry is highly targeted.

In fact, the cost of a data breach within the banking sector is second only to healthcare, according to IBM

It’s clear to us that regulation, coupled with high cybercrime, have resulted in the high demand for cybersecurity jobs. 

The Bureau of Labor Statistics reports that for information security analysts, the job outlook through 2030 is growing much faster than average. 

If your bank is looking to make a hire this year, here are five characteristics to look for in your candidates.

 

5 Cybersecurity Skills Needed For The Banking Industry

 

1. Genuinely Interested in the Field

Being able to stay current on new technology innovations, common web vulnerabilities, and regulations is key for any potential security hire, especially since these factors can change so frequently and can be quite extensive. 

If you can find a security hire who shows a track record of genuine interest and skills in the cybersecurity field, chances are you've found someone who won't need a fire lit beneath them to stay current on contemporary standards and practices since they'll likely be inclined to do it already.

 

2. Willing to Promote a Culture of Security

Your entire organization understands that everyone must take ownership of bank cybersecurity—from entry level to upper management. 

Any potential hire for a security position should be able to work with your institution to promote a bank-wide culture of cybersecurity awareness and help all employees understand their role in protecting your organization's network, and the sensitive information within it.

 

3. Comfortable Taking Action

As an extension to the previous point, your security team members should be able to communicate concisely, timely, and clearly to all the need-to-know members of your team if and when potential threats are identified. 

The ability to act quickly and accurately, even while under pressure, is a highly valuable skill that can mean the difference between a potential or a realized threat. 

 

4. Comes With Credentials 

Looking for credentials helps you zero in on candidates who will have excellent comprehension of and commitment to the field. 

These may include:

  • CEH: Certified Ethical Hacker
  • CISM: Certified Information Security Manager
  • CompTIA Security+
  • CISSP: Certified Information Systems Security Professional
  • CISA: Certified Information Security Auditor
  • GSEC: SANS GIAC Security Essentials

These certifications help validate the technical skills a candidate should possess. 

 

5. Has Some Experience Under Their Belt

An IT background of at least a few years is certainly a welcome thing to see on any potential hire's resume. 

Knowing that a candidate already has experience in the fast-paced environment of cybersecurity and information technology will tip the scale toward enhanced efficiency and comprehensiveness.

They’ll be able to ask technical questions, analyze their results, and provide appropriate next steps for incident response. 

 

What Skills Do You Need for Cyber Security—And Who on Your Team Possesses Them?

Having a great security team at your institution is the efficient, ethical, and prudent choice. 

If you’re looking for an external team to come alongside yours, Integrity specializes in helping financial institutions with their cybersecurity protocols. We have extensive experience working with auditors from many firms, as well as examiners from the OCC and FDIC. We also follow guidelines outlined in your financial institution’s due diligence process. To learn more about how your bank can be prepared for its next audit, please download our complimentary GLBA Compliance Checklist!

How to achieve GLBA compliance for your bank audits