The number of data breaches for financial firms has more than doubled over recent years. A number of well-known banks have faced multiple investigations with human error being fingered as the culprit.
Reports from investigations into these breaches are urging IT contractors to be aware of security and privacy issues and suggested that any developments in this industry to potentially contend with these flaws and breaches would be invaluable to many firms.
Proposed reforms to the EU General Data Protection Regulation which are expected to come into effect in the coming years mean that financial firms could be deemed in contempt of the law and receive harsh penalties if they do not take adequate steps to protect their data. This law could also affect IT contractors who should be aware of the firm’s security and data protection procedures when engaging in a job and try to limit their use of client data to negate risk and of course avoid any misuse of data.
IT contractors engaging in work in the financial services sector has seen an increase in the last two years and it is reported that the contractors themselves are forecasting an even further increase in this sector. It is suggested that the rise in regulation and digitisation is the reason for this increase and the prediction that this will continue to grow. The need for firms to design and implement more intricate systems due to these breaches has definitely led to more demand for contractors with the necessary skills to create and apply these systems.
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