War for cybersecurity and talent in the digital world

Higher cyberwarfare and rising geopolitical tensions mean that cybersecurity threats are evolving at an even faster pace, affecting the entire business, its operations, and the hard-earned reputation.

Major microchips and electronic power plants have recently been hit by cyberattacks, part of their business has been completely compromised, they have been offline for several days, and their employee accounts have been exposed. Some of these violations were even committed by the same hacking blackmail group.

As a result, the need to combat cybercrime has become even more important in an increasingly digital and interconnected world. Investing in cybersecurity is a record, especially as the government warns of an increasing threat of cyber invasion following Russia’s invasion of Ukraine, making it a top priority for corporate leaders, boards and investors. It will be a level.

Cyber ​​security boom

Over the last 12 months, the cybersecurity sector has grown by double digits, and there are currently approximately 2,000 companies in the UK offering cybersecurity products and services. In fact, the UK cybersecurity industry will contribute about £ 5.3 billion to the UK economy in 2021, up one-third from 2020, and cybersecurity companies will raise more than £ 1 billion in external investment in 84 transactions. bottom.

Simply put, the demand for cybersecurity has increased dramatically as pandemics have driven the digital revolution into hyperdrive. This pandemic not only accelerated the adoption of digital solutions by consumers, but also accelerated the digitalization strategy of enterprises.

As cybercriminals face challenges, companies now need cybersecurity solutions to protect a large number of new entry points. But with over 2.5 million cybersecurity jobs available and the war for talent rapidly gaining momentum, the industry is under tension as pressure for more defense increases.

Dealing with “skill gaps”

Despite the rapid market growth, the UK cybersecurity talent pool is short of about 10,000 people annually. In fact, the UK’s cyberskill shortage has skyrocketed by more than a third in the last 12 months, and cybersecurity is now the UK’s most sought after technical skill.

More than half (54%) of UK CEOs believe that cybersecurity is the best opportunity for TMT trading next year, and demand will rapidly outpace the supply of expertise unless drastic steps are taken. ..

War for market demand and talent

Companies have responded to this in quite a few different ways. When asked what is the main strategic impetus for recent and future cross-border technology acquisitions, one-third of the UK M & A experts surveyed cited access to skilled / professional talent. I did.

To stay ahead of cyberattacks and stay in control of risk, companies also need to invest in their employees to protect their digital ecosystem and access the resources they need to maintain their business activities. ..

In order to tackle the current shortage of specialists, it is essential to improve the skills of individuals who are already working in the technical field and to attract new entrants. To truly overcome the talent-seeking war, companies need to recognize the correlation between lack of skills and lack of inclusiveness and bring a more meaningful level of diversity to the sector.

However, tackling this current skill mismatch cannot be left to the enterprise alone, but requires the united efforts of government, industry and academia. Awareness campaigns that encourage universities, schools and training organizations to promote cybersecurity as an exciting area and have a great deal of career opportunities can also greatly help address current imbalances.

Only by investing in cybersecurity talent can you secure enough talent with the expertise needed to protect your organization’s digital ecosystem as threat conditions diversify.

By Merlin Piscitelli

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