Cyber Security Market Insights Take Advantage of the Skills Gap
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over 1 year ago by Paul Marks

Cyber Security Market Insights: Take Advantage of the Skills Gap

Cyber Security Market Insights Take Advantage of the Skills Gap

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In an industry that urgently needs to address its employee shortage, there is good news...
Europe faces a projected skills gap of 350,000 cyber security workers by 2022, which calls for employers to do more to embrace newcomers and a changing workforce.
 
Globally, a third of hiring managers plan to increase the size of their security departments by 15% or more. A great deal of hiring will be concentrated in Europe, where 27% of hiring mangers intend to expand their department by 20% or more, and a total of 38% will grow their department by at least 15%. 
 
Over 70% of employers around the world looking to increase the size of their cyber security staff this year.
 
 
 

The demand is set against a broad range of security concerns that continue to develop at an alarming pace, with the threat of data exposure clearly identified as the top security concern among professionals around the world.

Organisations are struggling to retain their staff, with 21% of the global workforce saying they have left their jobs in the past year, and facing high salary costs, with 33% of the workforce in Europe in particular making more than €95,000 a year.

 

Cybercrime will more than triple the number of job openings over the next 5 years

 

Organisations have to adapt their approach to recruitment and draw from a broader pool of talent. This is backed by findings that show workers with non-computing-related backgrounds account for nearly one-fifth of the current workforce in Europe and that they hold positions at every level of practice, with 63% at manager level or above.

Currently, the top two skills that workers are prioritising include cloud computing and security (60%) and risk assessment and management (41%), while employers prioritise looking for communication (66%) and analytical skills (59%). Only 25% and 20% of workers are prioritising communication and analytical skills, respectively. 

The cyber security jobs forecasts have been unable to keep pace with the dramatic rise in cybercrime, which is predicted to cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.

It's predicted that 100% of large companies globally will have a CISO (Chief Information Security Officers) position by 2021. The cybercrime and related workforce shortage is severe – and organisations need security leadership with a solid or dotted line to the CEO in order to remedy the problem.

The cyber security workforce shortage has left CISOs and corporate IT security teams shorthanded and scrambling for talent while the cyberattacks are increasing.

Corporations are responding by placing some or all of their IT security into the hands of third parties. Last year, Microsoft estimated that 75% of infrastructure will be under third-party control (i.e., cloud providers or Internet Services Providers) by 2020. Managed Security Service Providers (MSSP) are a subset of the third-parties, and they focus exclusively on security.

(Data and statistics provided by (ISC)² and Gartner, 2017-2018 reports)

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