Insurers face talent gap in cyber sector
A shortage of talent is undermining the insurance industry’s ability to deal with cybersecurity according to the Deloitte Center for Financial Services which conducted a series of interviews with execs employed in the sector. Talent acquisition and retention were identified as challenges for the industry, with burnout of cyber risk management personnel also cited as a growing concern. Even with investment in new talent, it is expected to take three to five years to close the gap. 

The industry’s cyber risk management personnel in general are often overworked because it is so difficult to stay ahead of this mutating exposure and maintain tight vigilance 24/7. (Photo: iStock)

While money is usually no object and tech tools are abundant for insurers struggling to contain cybersecurity threats, talent is often in short supply, undermining the industry’s ability to secure existing and developing systems.

That was one of the chief takeaways from recent interviews conducted by the Deloitte Center for Financial Services with chief information security officers (CISOs) or their equivalent at leading insurers, as well as banks and investment companies, who often cited a deficiency in people power as their biggest challenge.