The cybersecurity skills shortage threatens the well-being and even survival of numerous businesses as cybersecurity threats grow more numerous, sophisticated, and dangerous to the point that cybersecurity groups have vowed not to pay ransom demands.
That's despite the fact that the global cybersecurity workforce has grown 10% in the last year to a record high of just under 4 million.
Two-thirds of the cybersecurity professionals surveyed in the study, which was released in October, reported that their organization has a shortage of cybersecurity staff needed to prevent and troubleshoot security issues.
That means organizations need to be proactive in finding, developing, and retaining their cybersecurity workforce.
Overall, 47% of those surveyed have experienced cybersecurity-related cutbacks, with 22% of this group having been impacted by layoffs within their organization's cybersecurity team.
54% of respondents said that the cybersecurity skills shortage situation has been getting worse in recent years.
For one thing, the cybersecurity skills shortage can hurt many companies' efforts to be in compliance with consumer data security standards.
How companies can attract and retain cybersecurity talent.
An attractive compensation package is certainly one of the ways to build a cybersecurity workforce.
Companies would also need to find vital ways for cybersecurity to create synergy with other teams, such as fraud prevention.
The cybersecurity skills shortage has attracted the attention of policymakers and businesses across the globe.
In a report released last May, the World Economic Forum offered several insights into how organizations can build the skilled cybersecurity workforce they need to meet future cybersecurity threats.
One of the cybersecurity skills that nearly half of survey respondents said is in short supply is knowledge of artificial intelligence and machine learning.
This particular skills gap creates two different types of cybersecurity worries.
At the same time, AI could provide numerous benefits for a company's cybersecurity workforce.
While the use of generative AI for cybersecurity is still in its early stages, the development of AI-based security tools is moving fast.
How companies can protect themselves from cybersecurity risk.
Hiring or developing cybersecurity talent and providing all employees with security hygiene training are both essential ways that companies can battle the onslaught of fraudsters and other bad actors seeking to access, disrupt, and steal from their IT networks.
Companies should consider digital tools, including the evolving AI toolbox, to help them assess cybersecurity risks.
As cybersecurity threats become more sophisticated, organizations and their cybersecurity teams need to keep pace.
This Cyber News was published on legal.thomsonreuters.com. Publication date: Wed, 31 Jan 2024 01:14:04 +0000