IT contractors could benefit from a rise in the number of data breaches at financial firms as specialist skills become increasingly scarce. Recent figures show that banks and building societies are undertaking almost three times as many security investigations as they were two years ago.

The growing importance of security in the digital age and the growing threat from hackers and other attacks will mean that IT contractors will play an “important role in assisting financial services clients to reduce data breaches,” according to information law firm OBEP.

Software group Egress has urged flexible workers with an IT skill set to stay alert to privacy and security issues on systems they currently manage or develop so that they can successfully flag flaws and prevent breaches.

There remain extensive duties for IT contractors in the industry, as they have to avoid any misuse or direct liability for the personal data they oversee; however, this has not deterred talented professionals from seeking work in financial services and the number working on a temporary basis has grown for two years in row.

More than 20% of IT contractors expect there to be more job vacancies in the sector during the next 12 months, which is a higher figure than for any other sector. Flexible workers will also continue to be highly sought-after, as there is a significant shortage of workers who can design and create the complex systems that banks require.

Morgan McKinley has also revealed that the outlook for IT professionals is “bright”, with those serving revenue-generating operations likely to see the biggest rise in pay rates.

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