Security Staff Acquisition & Development

The great resignation creates IT security concerns for financial firms

A man carries a briefcase as he walks.)
A man carries a briefcase as he walks through the Financial District, Jan. 4, 2019, in New York City. (Photo by Drew Angerer/Getty Images)

The so-called “great resignation” in the wake of the recent pandemic has worsened already exacerbated IT security issues for financial institutions.

According to research from IT consultancy Verint, the recent sweep of departures from full-time positions has not only created a shortage of employees, but has also caused a deficiency in qualified cybersecurity professionals — already an issue throughout various sectors.

“The banking industry is challenged with a scenario where the Great Resignation is meeting the ‘Great Recalibration,’” said Verint’s Jenni Palocsik, vice president, marketing insights, experience and enablement, in a press release. “Banks are calling back furloughed staff,” said Palocsik, “reallocating team members who were solely dedicated to digital channels and rethinking how to adequately staff bank branches to meet fluctuating needs for in-person service.”

Verint’s research is based on a survey of 5,000 U.S. consumers, released last month.

Case in point: Several cybersecurity professionals have fled Morgan Stanley, seeking other positions in the financial industry or other sectors. Morgan Stanley did not comment on its IT security team departures, but reports indicate that the IT security professionals are headed to other industries.

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