Singapore's finance sector in need of skilled IT professionals

As cyber security remains high on the agenda for banks and services, Singapore's finance sector is actively recruiting a higher number of online security experts.

In a recent report by Robert Half, 93% of banks and financial services companies in Singapore said they plan to hire more staff to manage their company’s online security.

Close to four out of 10 (39%) local companies stated they are hiring more permanent staff, while 54% are engaging interim employees.

“Banks and financial services companies that are not increasing their IT investment are instead hiring additional staff to bring their IT security functions in-house,” Stella Tang, managing director, Robert Half Singapore, said.

“Having a strong security team, comprised of key permanent staff and highly skilled interim security professionals can help companies ensure they take the necessarily precautionary measures to avoid a costly and often debilitating security breach.”

In addition, larger companies in Singapore are more likely to be hiring permanent staff to manage cyber security.

According to the survey, 42% of large firms (1000+ employees) highlighted they planned to hire permanent employees to manage cyber security, compared to 39% of mid-sized firms (500 to 999 employees) and 37% of small firms (fewer than 500 employees).

This spike in hiring activity was complemented by increased spending on cyber security by banks and financial firms, according to the report.

Six out of 10 of all local banks and financial services companies stated they are increasing their spending on IT security compared to last year.

The report highlighted this figure was the highest percentage of any of the markets surveyed and well above the global average of 50%.

The survey was conducted among 725 senior financial services leaders across six markets, including 150 leaders in Singapore.

Images: Shutterstock