How the Cybersecurity Talent Gap is Threatening Your Business

cybersecurity talent

In 2022, the worldwide shortage of cybersecurity talent has exceeded 3 million. If current trends continue, that number will only grow in 2023 and beyond: this is a major problem for businesses across all industries and verticals who are facing an epidemic of ransomware and data breaches – not to mention the looming possibility of cyberwarfare.

Without cybersecurity experts to help you protect and monitor your infrastructure, the evolving cyber landscape is a serious threat to your customers and business resilience. In this article, we will discuss the cybersecurity talent gap in more detail, and what your business can do to address it.

The need for technical innovation drives risk

As the pace of innovation in enterprise IT accelerates, companies must roll out new tech at a rapid pace in order to stay abreast of the cutting edge, remain competitive, and provide a good experience to their customers. In an effort to satisfy the demand for new products, vendors release them faster than they can be secured, introducing new vulnerabilities to the workplace. Meanwhile, cyber actors are becoming more sophisticated, and the global cost of cybercrime has reached trillions of dollars.

This situation presents businesses with a catch-22: fall into technical debt by avoiding new technology or bring risks into your workplace in order to keep up. Every organization must ask themselves these questions: how can you afford the best people when competition for talent is so high? And what if your current budget doesn’t allow for the number of team members you really need to efficiently monitor threats?

The cybersecurity talent shortage

Ultimately, the cybersecurity talent shortage is not just a problem for hiring managers – it also directly correlates with a rise in security breaches, as a recent study from Fortinet concluded. For the report, Fortinet surveyed more than 1,200 IT and cybersecurity leaders from 29 different countries in the technology, manufacturing, and financial industries.

The company found that 80% of security professionals experienced at least one breach that could be attributed to a lack of cybersecurity skills or awareness, and 64% of those breaches resulted in the loss of revenue via recovery costs or fines: “a key factor is that organizations struggle to find and retain certified cybersecurity people,” the report noted.

Tech-focused training and certifications were seen in a positive light, with 95% of the respondents agreeing they have a positive impact on their teams – more than 85% have already implemented cybersecurity training programs. But over half of the respondents admitted to having difficulty with employee recruiting and retention.

As shown by other studies, even organizations who manage to find cybersecurity talent suffer from high turnover and low retention rates. Long-term repercussions include more frequent security breaches and compromise of sensitive assets, such as intellectual property (IP), data protected by federal contracts, and personally identifiable information (PII).

Bridging the gap in your organization

There are multiple one-off solutions organizations can adopt to drive cyber awareness in a sustainable way that not only insulates employees against cyberattacks in the short term but also prepares them for future risks. Some of the most important qualities to instill in your team include strategic thinking, strong problem-solving abilities, and good communication skills.

Now is a great time for organizations to ensure their employees have the knowledge and resources to plan for the future and other areas of the business. But ultimately, the best outcome is finding experienced cybersecurity professionals who can help you solidify your infrastructure and develop a long-term strategy. Some tips you can follow right now include:

  • Outsource your cybersecurity talent – today, even large companies are struggling to find and retain cybersecurity talent – for small to medium sized businesses (SMBs), the challenge can feel insurmountable. Consider partnering with providers like Securicon who bring cybersecurity services and continuous support to your business at a more affordable cost than in-house talent.
  • Invest in cybersecurity training – increase cybersecurity skills throughout your organization by investing in proper training for all your employees, ranging from general digital hygiene to more specific courses on social engineering attacks.
  • Encourage continuous learning – culture plays a major role in cyber preparedness; promote an attitude of continual learning so employees will stay current with the latest threats, technologies, and trends. It’s always important to promote a continuous cyber learning experience for employees to stay current with the latest trends and technologies.
  • Scout for new technologies – ease the workload for your security team by investing in automation or machine learning cyber technologies to streamline operations.
  • Provide opportunities for team sustainability – providing a learning platform for teams is beneficial to both the organization and the individual while helping to retain top talent.

The worldwide shortage in cybersecurity talent won’t be fixed any time in the near future – fortunately, organizations can still take steps to protect themselves from emerging threats. At Securicon, our seasoned cybersecurity experts work to find vulnerabilities in your infrastructure, providing solutions and long-term support. Contact us today for a rapid assessment and learn how we can help to close your talent gap.