In the CFD and broader fintech sectors, financial firms operate 24/7 and handle large volumes of sensitive data, making them attractive targets for cybercriminals. In response to rising cybersecurity threats, multi-asset broker XM has launched a new 12-month graduate program focused on cybersecurity to address these growing digital risks.

Internal Failures Cause Most Cyber Disruptions

Germany’s financial regulator BaFin recently reported a 17.5% increase in IT-related incidents among payment service providers in 2023. The total number of reported cases reached 235, with about 95% resulting from internal operational failures rather than external attacks.

E-banking and mobile banking were the most affected services, disrupting over €52 billion in transactions. A few severe incidents accounted for much of this disruption. BaFin also identified third-party service providers as a significant vulnerability, linking 40% of incidents to outsourced operations.

Graduates Gain Hands-On Cybersecurity Experience

XM’s graduate scheme follows a rotational model. Participants gain experience across departments such as Cloud DevOps, Data Science, System Engineering, and Compliance.

The program culminates with a placement in XM’s Information Security team, where graduates work on real-time cybersecurity tasks including threat intelligence, detection, response, and network defense. Training also covers tools like Extended Detection and Response and Security Orchestration, Automation, and Response.

You may find it interesting at FinanceMagnates.com: Cybersecurity Accounts for 63% of Fintech Growth, Study Finds.

Financial Firms Expand Early-Career Cybersecurity Programs

This initiative places XM alongside other financial firms investing in early-career cybersecurity roles. HSBC, for example, offers a two-year graduate program in cyber technology, providing experience in penetration testing, red and blue team simulations, and threat modeling. The program is available in locations such as Mexico.

Meanwhile, Australia’s crypto platform Swyftx hires graduate analysts to monitor threats, respond to incidents, and manage security tools in a hybrid setting based in Brisbane.