Companies Must Hire Curious Minds to Strengthen Cybersecurity

Strategic Investment in Security and Cultural Adaptation

Experts emphasize the importance of strategic investment in security and cultural adaptation from the top down for financial institutions. As the cyber threat landscape continues to widen, it is crucial for organizations to adopt a proactive approach to safeguard their operations.

The increasing budgets allocated to cybersecurity have risen from 6% to 8% of IT spending to 10% to 12%, reflecting the growing awareness of the need for robust defenses. Industry leaders stress that hiring individuals with specific traits is essential. These individuals should be intellectually curious and comfortable with new tools rather than relying on traditional skill sets.

Angelo Roxas, Managing Director at United Overseas Bank, highlighted this point during a panel discussion at the Asian Banking & Finance and Insurance Asia Summit in Singapore. He emphasized that the kind of people needed are those who are eager to learn and adapt. This shift in hiring practices is vital for addressing the evolving challenges in the digital landscape.

In the insurance sector, spending on cybersecurity is also on the rise. The focus is shifting towards roles such as cyber risk analysts, threat hunters, and experts in predictive analytics. Sourabh Chitrachar, Regional Vice President for Asia Technology Strategy & Operations at Liberty Mutual, mentioned these changes during the same panel. He noted that the industry is moving away from traditional skills and embracing more specialized knowledge.

Frankie Shuai, APAC Chief Information Security Officer at DWS Group of Deutsche Bank, shared an example of a robotics project where operations staff were directly trained. This initiative not only revealed untapped talent but also improved outcomes. Shuai expressed that for the first time, the staff felt they were part of the digital journey, highlighting the importance of inclusivity in technological advancement.

Financial institutions face a growing number of cyber threats as artificial intelligence (AI) becomes more deeply integrated into banking, asset management, and insurance. During the panel, moderated by Li Yun Seah, Asean Banking & Capital Markets Leader at EY, industry leaders warned that adopting new technologies without caution could expose firms to risks they are unprepared to handle.

Their recommendations include investing strategically in security, adapting culture from the top down, and giving equal weight to technology and people. Shuai pointed out that technology adoption follows cycles. For instance, cloud computing was once seen as a universal solution, but many firms still run critical systems on-premise.

Shuai cautioned against blindly adopting AI, stating that there is no right or wrong approach. Instead, organizations should identify the most useful use cases for their specific needs when deploying technology. He also emphasized the unequal burden of cyber defense: "Out of 100 cyber attacks, as long as they win one, the bad guys can claim victory. For us defenders, we must win 100 out of 100 times."

AI Against Threats and Defenses

While AI promises efficiency, it also introduces new risks. Shuai noted that phishing emails once betrayed themselves through poor grammar. However, current AI technology can generate much longer fake audio with just three seconds of your voice, highlighting the vulnerability of voice-based banking authentication.

Roxas echoed the need for structured defense. His team conducts weekly "ideation sessions" with senior stakeholders to stress-test initiatives. They look at solutions and question: what is the threat from a customer perspective, how does technology get impacted, and what are the attack vectors? This process challenges them to embed resilience at the design phase.

As Chitrachar mentioned, awareness and explainability are becoming just as critical as firewalls and threat detection. This shift underscores the importance of a holistic approach to cybersecurity, where both technology and human elements are given equal attention. By fostering a culture of continuous learning and adaptation, financial institutions can better navigate the complex landscape of modern cyber threats.