Cybersecurity talent shortage is going to be a major problem for big business

A new report, Talent Gap Study: June 2022, from cybersecurity company Trellix, has revealed that as cyber-criminal threats on business grow in volume and sophistication, so too does a major shortage in the cybersecurity talent market as the global talent squeeze takes grip.

This report comes on the back of Trellix’s report “In the Crosshairs: Organisations and Nation-State Cyber Threats” which found that organisations report limited cybersecurity talent as the greatest barrier to protecting themselves against nation-state cyber threats. 

According to the Australian Institute of Criminology the cost of cyber-crime to business in Australia is estimated to be around $1 billion a year. Cybercrime is on the rise, in Australia cyber-attack attempts reached an all-time high in the fourth quarter of 2021 and increased 13% from 2020-to 21.

A (ISC)2 Cybersecurity Workforce study declares the global cyber security industry is already 2.72 million people short and Trellix’s data reveals 85% of cyber-security professionals believe the workforce shortage is impacting their organisation’s ability to secure increasingly complex information systems and networks.

Cybercrime is a major concern for businesses as it can result in the loss of sensitive data, and reputational damage and loss of customer trust. In 2019, 6% of businesses were

16% of businesses globally have now gone fully remote and a great deal more run hybrid models so there is an increasing need for businesses to be vigilant in protecting themselves against cyber threats.

The growing need to acquire new cybersecurity employees is as desperate as retaining staff in the sector. Trellix’s report showed 30% of respondents are planning to change professions in the future and 96% of Australian respondents noting at least one frustration with their work environment. Frustrations range from limited support for the development of skills, lack of recognition for the good work done for society, and limited support with the qualifications and certifications required.

With the looming threat to business, is it time for organisations to recognise they could be making more progressive steps towards encouraging more people into cybersecurity? The Trellix report suggests that employers could be doing more, especially around encouraging community mentoring in K-12 schools and supporting the development of skills and pursuit of certifications.

“Closing the cybersecurity talent gap is not only a business imperative, but important to national security and our daily lives. We need to remove barriers to entry, actively work to inspire people to do soulful work and ensure those in the field are retained,” said Bryan Palma CEO of Trellix.

The data reveals an opportunity to cultivate diversity within the sector. Of the cybersecurity professionals surveyed, 78% are male, 64% are white and 89% are straight and a staggering 91% of respondents believe that there needs to be wider efforts to grow the cyber security talent pool from more diverse groups.

When it comes to encouraging more people to consider a career in cyber security, respondents considered the following factors highly or extremely important; inclusivity and equality for women, diversity of the cybersecurity workforce and pay gaps between different demographic groups. 94% of those surveyed believe their employers could be doing more to consider employees from non-traditional cybersecurity backgrounds.

“Cultivating and nurturing a cybersecurity workforce for our future requires expanding who we view as talent and changing our practices across the public and private sectors,” said Palma.