In this video, Marc Menninger describes why financial institutions are a strong marketplace for IT security professionals. Learn how the Gramm-Leach-Bliley Act or GLBA requires financial institutions to be secure. Explore why financial institutions are prime cyberattack targets. Understand why the demand for IT security professionals from financial institutions is growing.
- [Instructor] Financial institutions are a great marketplace for IT security professionals for three reasons. They're required to be secure, they're cyberattack targets, and the demand for IT security professionals from them is growing. First, financial institutions are required by law to be secure. All US financial institutions must comply with the Gramm-Leach-Bliley Act, or GLBA, which requires them to ensure the security and confidentiality of customer information, protect against any anticipated threats to the security or integrity of customer information, and protect against unauthorized access to customer information which could result in substantial harm or inconvenience to any customer.
Ever since GLBA was enacted in 1999, IT security has been a high priority of financial institutions. But even with that focus that hasn't slowed the number of cyber attacks. Hackers gravitate to banks and other financial institutions because as the saying goes, that's where the money is. Which brings us to the next reason why financial institutions are a key marketplace for IT security professionals, they're prime cyber attack targets.
It isn't unusual to hear about high profile attacks of financial institutions. For instance, JP Morgan announced in 2014 that more than 70 million households and seven million small businesses may have had their private data breached in a cyberattack. And in 2015, Kaspersky Labs reported that an international hacking ring used malware to steal as much as one billion dollars from more than 100 banks in 30 countries.
Obviously, security attacks aren't a problem that is going away anytime soon for financial institutions. Which is another reason why IT security professionals in this marketplace are more important than ever. And the final reason why financial institutions are a strong marketplace for IT security professionals is the demand for them is much higher than the supply. According to the 2015 Burning Glass Cybersecurity jobs report job postings for IT security professionals from financial institutions grew 131% between 2010 and 2014.
And a 2015 Forbes article about the growing IT security market said, "The 2015 US financial services "cybersecurity market will reach 9.5 billion dollars, "making it the largest non-government "cyber security market." Chances are good that the demand for IT security professionals in financial institutions will continue to be strong well into the future. While there are more, these are just three reasons why financial institutions are a strong marketplace for your IT security skills.
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