'Upskill or cross-skill': Cybersecurity skill gap hobbles banking sector

Recently, UCO Bank reported an IMPS (Immediate Payment Service) fraud, wherein Rs 820 crore was credited to certain account holders of the bank without a corresponding debit from any other bank

Banks are grappling with a severe talent crunch in the field of cybersecurity, at a time when several instances of cyberattacks have been reported by various lenders.

“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,” said Balaji Rajagopalan, chief technology officer of State Bank