A recent survey involving senior HR professionals and business leaders in the financial services sector revealed a heightened concern for cybersecurity breaches. According to the survey, conducted at a virtual employment conference organized by Walkers last month, 70% of respondents identified cybersecurity breaches as the top staff-related risk for regulated financial services businesses. This concern far exceeded other risks such as employee turnover (16%) and challenges posed by remote work (10%).
The study also highlighted the impact of the COVID-19 pandemic on organizational policies and procedures. Approximately 57% of employers indicated moderate changes to their policies, procedures, and systems due to the pandemic, while 29.5% reported significant alterations. However, there seems to be a gap in updating employment contracts in response to these changes, with 81% of employers not making any pandemic-related modifications to these documents.
Recruitment patterns also showed interesting trends. About 87% of employers noted that job candidates are increasingly inquiring about work-life balance, and 70% about opportunities for hybrid working. Yet, 56% of employers reported considerable difficulties in finding suitable candidates for open positions within their organizations.
Sarah Ash, a group partner from Walkers’ Guernsey employment law team, reflected on the challenges faced by businesses over the past 18 months. “The survey results demonstrate the significant impact employers are feeling as we navigate through the disruptions caused by COVID-19,” she said. She also observed an increasing focus among HR teams and business leaders on IT security for remote workers, alongside efforts to adapt and enhance working practices to attract and retain essential talent.
Victoria Pratt, a senior counsel in Walkers’ Guernsey employment law team, commented on the evolving workplace dynamics. “Many businesses have seized the opportunity to learn from the pandemic, adopting different and potentially improved working methods. The workplace environment has not simply reverted to its pre-pandemic state,” she added.
This survey sheds light on the evolving landscape of employment and cybersecurity in the financial services sector amidst the ongoing recovery from the COVID-19 pandemic.
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