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Among all the sectors where breaches in cybersecurity jeopardises the common man’s interest really badly, banking will surely be near the top. Yet, this very domain is suffering from a severe talent crunch in ensuring cybersecurity when fraudsters are merrily preying on unsuspecting consumers and defrauding them of their hard-earned money in increasing numbers.
Last year, Reserve Bank of India data revealed the unnerving figure of Rs 100 crore lost every day to cyber frauds in the Indian banking system in the preceding seven-year period, though it was laced with the palliative that the amount was inching down progressively.
“We do not observe much attrition in cyberspace. However, there is always a talent crunch. We have quite a large team, including consultants and technology (tech) resources. Nevertheless, cybersecurity is not static; it is continually evolving, and we need more manpower. Continuous training for the team is essential. We are also conducting ongoing training and grooming at the branch level to preempt such cyberattacks,” Balaji Rajagopalan, chief technology officer of State Bank of India has told the Business Standard.
In a dramatic instance of IMPS (Immediate Payment Service) fraud, UCO Bank referred to CBI a flurry of cases where a cumulative amount of Rs 820 crore was credited to certain account holders of the bank. These amounts were credited without a matching debit from other accounts from other banks/entities. Therefore, amounts were credited though no money came in from other accounts/banks.
“The attrition rate in cybersecurity has moderated. However, a talent crunch persists. Minor cyberattacks are commonplace, and we are training our internal team accordingly. We also have an external team to provide support,” a chief information officer of a leading private sector bank told the newspaper.
“The banking landscape is rapidly evolving with an increase in financial inclusion, customer access, product choices, and convenience. However, the risks to the consumer have also increased, with rising instances of fraud and data breaches,” said deputy governor, the Reserve Bank of India, M Rajeshwar Rao. He said it while delivering a lecture at a function of the Indian Banks’ Association and the FICCI.
As banks are adopting increasing levels of digitisation and collaboration with fintech companies, cybersecurity is emerging as a 24X7 concern. Cyberfraudsters are also arming themselves with more and more sophisticated phishing and ransomware attacks.
On the issue of attrition and the talent crunch, Shibu K Thomas, general manager and chief information security officer at South Indian Bank, said, “As of now, we are not experiencing a talent crunch. We are taking concrete steps to address any potential issues.”
However, Thomas admitted that there is a tangible dearth of skills in this vital domain which will not go away in a short time. “Generally, there is attrition and also a clear dearth of skilled manpower in the market. According to various reports, this is not a new problem and will persist for quite some time. Therefore, organisations should implement a programme to upskill or cross-skill their internal workforce, which I am confident will be very beneficial in the long run. A combination of nuanced insourcing and outsourcing will ensure attrition can be handled to a large extent,” said Thomas.