How can the financial services industry overcome the obstacles caused by the great resignation?

By Fabien Rech, Vice President EMEA, Trellis

According to PwC, more than half (56%) of financial services firms are prioritizing talent retention as the industry continues to face the critical impact of the Great Resignation. This is followed by maintaining a high level of employee engagement (44%) and planning for future talent needs (36%).

These problems are intensified by a lack of skills in key departments, including security. Forrester predicts that the security “brain drain” will significantly hamper an organization’s ability to defend against sophisticated cyberattacks. Statistics show that one in 10 security professionals seek to relocate to benefit from better pay, better working conditions and a better work-life balance.

The consequences are that security teams are over-capacitated and exhausted. Financial services organizations also continue to face significantly more cyber risks, which could have a potentially devastating impact on their organization. But what exactly can companies do to reduce these risks when their workforce is stretched?

Use technology to reduce noise

As cybercriminals continue to adapt their tactics to infiltrate networks and gain access to sensitive financial data, CISO priorities must also shift to ensure their security teams can keep up with ongoing threats. This means having the right skills and technologies needed to mitigate risk while ensuring their defenses can withstand the pressure created by new threats.

The use of threat intelligence will be an essential part of this. Applying and using comprehensive threat intelligence will help reduce noise, helping SecOps teams adapt as quickly as global attackers. This approach to cybersecurity will support adaptive business resilience, with every potential threat making security teams smarter.

Another essential element to ensure cyber resilience is the adoption of technology that is both open and native. This will allow banks to rest easy knowing that every piece of technology is seamlessly connected, eliminating blind spots and gaps in protecting a business.

By implementing an open technology platform, organizations can benefit from automated security policy orchestration across a broad portfolio of security products, designed to provide maximum visibility, control, and vendor choice across all attack surfaces.

Unfortunately, there is no one-size-fits-all approach to security. This is especially true when it comes to heavily regulated industries, such as the financial services sector. By taking these steps and implementing them as part of an overall security strategy, organizations should feel empowered, knowing that their defenses are compliant, flexible, and more resilient to growing cyber threats.

Reduce pressure on teams

In addition to investing in technology focused on protecting organizations against the threats of tomorrow, technology that can harness the power of machine learning and automation will also be essential.

This will help financial services organizations reduce the noise of attacks to ensure that SecOps teams can be more focused and effective, rather than feeling like they are constantly jostling each other and therefore leading to burnout. and missed threats.

CISOs should also view their vendors as partners and seek advice and guidance when needed. With the threat landscape constantly changing, no one can be expected to know everything they need to know at all times. Therefore, collaboration is vital and something financial services organizations should consider to reduce pressure on their security teams.

Overcome the obstacles

It’s unclear how long the big resignation will continue to impact the financial services industry. Therefore, organizations must adapt now or be open to a cyberattack. It’s a heavy burden for every CISO to bear, but the answer lies in technology that combines threat intelligence and machine-driven automation. This approach to cybersecurity will allow SecOp teams to focus on the tasks that need their attention the most. It will also help empower teams, knowing they are making data-driven decisions to strengthen their defenses against even the most sophisticated cyberattacks.