RETAIL BANKING | Staff Reporter, Singapore

Singapore-based US banks beef up cybersecurity roles

JP Morgan, Citi and BAML are more vulnerable to threats than homegrown lenders.

US banking giants based in Singapore are steadily strengthening their cybersecurity teams in response to the growing volume of threats preying on financial institutions, reports efinancialcareers.

JP Morgan, Citi and Bank of America Merrill Lynch are amongst those looking for well-versed talents in cybersecurity operations, risk and threat intelligence, security engineering, data-leak protection, identity and access management and policy management.

“Whilst a lot of banks are expanding in cyber security in Singapore, the most specialised hiring is at JP Morgan, Citi and BAML. They have the best teams, with different specialisations around cyber security technologies, both on defence and intelligence,” a Singapore-based cyber security expert told efinancialcareers.

Also read: SingHealth breach lays bare Singapore banks' cybersecurity risk

Additionally, US banks are more likely to grapple with a larger cybersecurity risk than their homegrown counterparts amidst geopolitical issues, the expert added.

Banks are also stepping up their defense after the Cybersecurity Act came into force in September as a new framework for reporting and monitoring threats. This comes on the heels of an earlier proposal by the Monetary Authority of Singapore (MAS) to make its existing set of cybersecurity guidelines into legally binding requirements

In response to this strong demand, salaries for cybersecurity technologists moving between banks could range between 15-20%, according to recruiter estimates. Senior cybersecurity engineers in specialist fields can even enjoy pay hikes of 25-30%.

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