SBI Chairman Highlights Cybersecurity Talent Shortage Amid Rising Investments

SBI Chairman CS Setty has identified a shortage of cybersecurity professionals as a significant challenge for the future. Emphasizing increased investments in cybersecurity, Setty pointed to the limited professional support for cybersecurity activities. Industry experts also shared concerns about slowing deposit rates and the necessity of analyzing technology returns.

SBI Chairman CS Setty on Thursday highlighted the limited supply of cybersecurity professionals as a significant challenge for the future.

Speaking at the annual Fibac event, Setty noted the steady increase in banks' investments in cybersecurity to protect the financial system. However, he emphasized the limited availability of professional support for many cybersecurity activities.

Setty, who recently assumed the chairman role of the country's largest lender, pointed out that this lack of skilled professionals poses a big challenge moving forward. HSBC's country chief executive, Hitendra Dave, added that their global operations face about 1 lakh cyberattacks daily.

Additionally, Setty addressed the importance of assessing the returns on technology investments, besides the mandated technology expenditures required by regulatory bodies.

In a related development, SBI managing director Ashwini Tewari announced an increase in marketing and outreach spending to address the slow deposit rate, emphasizing the need to reach a broader audience. Tewari noted that the era of walk-in customers for deposits is ending.

At the same event, Zarin Daruwala of Standard Chartered Bank pointed to alternatives like foreign currency bond issuances for gathering resources but cited increased withholding tax as a constraint. She also mentioned the limited number of investors in Gift City, India's international financial services center, as a barrier.

Meanwhile, the Department of Financial Services Secretary M Nagaraju urged lenders to take more risks and provide additional support to startups and micro, small, and medium enterprises.

(With inputs from agencies.)