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Addressing the Cyber-Security Skill-Shortage in the Payment Sector

With millennials so hooked on tech, the internet, and eCommerce, it is almost impossible to imagine that the looming shortage in the number of cybersecurity experts will get worse.

Different statistics warn of a talent shortage in the sector. For instance, a 2017 study by Cybersecurity Ventures approximated over 3 million unoccupied cybersafety job vacancies by 2021.

Recruiters are on the look for young employees with cybersecurity skills to serve in different departments, and the shortage is affecting the payment and finance sector the most.

The online payments industry particularly relies on cybersecurity because both businesses and customers are at stake if a cyberattack happens. With billions of transactions taking place online, and fraudsters looking for more weaknesses to exploit, we need young, forward-thinking talent to trade safely.

“As tech advances, so do cybersecurity fraud and security risks and dangers. That explains the increasing need for a more forward-looking talent base — we need to view cybersecurity as an ever-changing field and look out for new security risks, as well as those that may arise in the future,” said Alexander Niejelow, MasterCard’s VP for Cybersafety.

Partnering to Open New Opportunities

Alexander was speaking in a joint MasterCard, Microsoft, and Workday initiative to address the cybersafety experience shortage.

The three organizations are partnering with a group of private firms and federal organizations in the program known as the Cybersecurity Talent Initiative, which seeks to create a channel of experts with technical and security know-how for the payment and finance space.

All trainees are offered a 2-year attachment at a government agency, and then full employment in partnering private firms. Plus, trainees employed in the private industry up to $75, 000 in scholar loan forgiveness.

Targeting skillset in Higher Learning Institutions

Another program by IBM Security is searching for talent in higher learning institutions.

The outreach initiative trains youths and provides student grants for cybersecurity studies. It also hosts hacking challenges for teenagers.

Though opening a chance for new skills is a priority, IBM security explained that it is also targeting learners with different upbringings and experiences to widen the full scope of learners looking to serve in the cyber safety sector.

IBM also plans to reach out to anyone interested in cybersecurity and have exceptional talent but lacks the exposure and opportunity to utilize their skill set.

Final Words

The payment sector must put in more effort to address the cyber safety expert shortage to fill in the existing gap. These above initiatives should pave the way for more permanent solutions.