Fintech Companies to Experience Boost in Hiring Following Devastating Cyber Attacks
The UK fintech sector anticipates a substantial hiring boost in 2025, with a projected increase of 32% in workforce, underscoring the growing significance of risk management, cybersecurity, and financial crime mitigation.
This surge in demand for skilled professionals comes in response to the increasing prevalence of cyber attacks on top retailers, highlighting the need for greater security measures. Notable victims have included Marks and Spencer, who suffered a near £700m cyberattack last month, and a key logistics supplier for Tesco and Sainsbury's.
The report from Morgan McKinley and Vacancysoft forecasts that risk and compliance staffing will surge by 29% this year, marking the third consecutive year of growth. The demand for financial crime professionals is set to surge 50%, with fraud-related roles expected to double. Astbury, director at Morgan McKinley UK, contends that this growth reflects an industry maturing in response to both opportunities and obligations.
The report also points to the potential impact of recent government regulatory efforts aimed at addressing talent shortages. On July 15, Chancellor Rachel Reeves is slated to roll out her Financial Services Growth and Competitiveness Strategy, providing a roadmap for driving economic growth and addressing the needs of the UK fintech sector.
The fintech sector as a whole is estimated to see an employment surge of 19.4%, with Deel, a payroll and compliance firm, topping the list for projected hires. Industry giants Starling and Monzo are set to expand their workforces by 471 and 312 employees, respectively. Both banks are focusing on security and compliance roles, as evidenced by LinkedIn data.
In the realm of cybersecurity, fintech companies are transitioning from a rapid-growth phase to a more regulated model, emphasizing the need for robust defenses against increasingly sophisticated threats. The upcoming Cyber Security and Resilience Bill is expected to further boost recruitment in this area.
The ongoing trend towards a more mature and regulated fintech sector is driven by evolving compliance standards, growing threats, and strategic hiring to meet specific needs, despite subdued venture capital flows.
[1] [2] [3]: Sources for specific statistics and trends within the article. These data points could be incorporated into the text for added context and credibility, as appropriate.
- The rise in fintech recruitment is notably apparent in the finance sector, with a predicted 19.4% employment surge overall, particularly in cybersecurity where stronger defenses against sophisticated threats are needed due to the increasing prevalence of cyber attacks on retailers.
- As the fintech industry becomes more regulated, there is an increased demand for financial crime professionals, with fraud-related roles expected to double, reflecting the maturing of the industry in response to both opportunities and obligations, as indicated by the report from Morgan McKinley and Vacancysoft.
