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The cyber security talent shortage deepens as organisations struggle to address increasing risks. How can businesses adapt, and what role can AJC play in safeguarding the future of cyber security?

As the digital landscape rapidly evolves, cyber security remains a critical concern for organisations across the globe. However, a widening skills gap in the cyber security workforce threatens to undermine security efforts. The 2024 Cyber Security Workforce Study, published by the International Information System Security Certification Consortium (ISC2), reveals the scale of this challenge. With alarming insights into the stagnating growth of cyber security professionals and the escalating risks for businesses, it is clear that more needs to be done to address this shortage. In this article, we explore the findings of the ISC2 study and discuss how AJC is contributing to bridging this gap.

The Growing Cyber Security Workforce Gap

The ISC2, a leading non-profit organisation that offers certifications in cyber security, released its 2024 Cyber security Workforce Study in September. The study highlights a concerning shortage of cyber security experts, which has only worsened over the past year. Workforce growth in the sector has stagnated, increasing by just 0.1% compared to the previous year’s 8.7% growth. This stagnation has led to a 19% increase in the workforce gap, now standing at 4.8 million professionals.

Budget constraints have emerged as the primary factor contributing to this shortage, overtaking the traditional issue of a lack of qualified talent, which had been the top reason in all previous years of the study. Cybersecurity professionals are being asked to do more with fewer resources, a situation exacerbated by both economic instability and the rapid advancement of technology, including the rise of sophisticated hacking methods driven by artificial intelligence.

Skills Shortages Compounding the Risk

In addition to the shortage of cyber security professionals, 90% of survey respondents reported that their organisations are facing a significant skills gap. Of these, 58% believe this shortage puts their organisation at considerable risk, while 64% consider the skills gap a greater threat than the lack of staff. The lack of entry-level opportunities in the sector could be a contributing factor, with 31% of respondents indicating that their teams had no entry-level professionals, and 15% reporting a complete absence of junior-level employees (1-3 years of experience).

This trend toward prioritising mid-to-advanced level roles over a more balanced recruitment strategy has stifled the development of home-grown talent within organisations. Looking ahead, the future of the cyber security workforce appears bleak, with the World Economic Forum (WEF) predicting an 85 million worker gap globally by 2030, potentially costing $8.5 trillion in unrealised revenues. If this were the GDP of a country, it would rank behind only the US and China.

AJC’s Commitment to Nurturing Future Cyber Security Professionals

At AJC, we recognise the critical need to nurture the next generation of cyber security professionals. In response, we have made it a priority to invest in developing new talent. Last year, we welcomed a cohort of graduates who have spent over a year contributing to our work in cyber security risk, fraud prevention, and business continuity. We are committed to supporting their growth, understanding that the future of our organisation and the industry depends on the strength of the upcoming talent pool.

How AJC Can Help Your Organisation Bridge the Gap

AJC is well-positioned to help organisations address the cyber security staff shortage and mitigate the associated risks. Our team of experienced professionals offers tailored cyber risk analysis to enhance your organisation’s security posture, ensuring you are prepared for the evolving digital landscape. In addition to cyber security, we provide expertise in data protection, fraud prevention, and business continuity planning. If you have any questions or enquiries about how AJC can help your organisation navigate these challenges, please don’t hesitate to get in touch.

Conclusion

The findings of the 2024 ISC2 Cyber security Workforce Study underscore the urgency of addressing the growing talent and skills gaps in the cyber security sector. As organisations face increasing risks, the need for strategic investment in developing talent has never been more apparent. At AJC, we are doing our part by fostering the next generation of cybersecurity professionals and offering a range of services to help businesses bridge the gap. Together, we can secure a safer digital future.

Please contact us on 020 7101 4861 if you think we can help.

 

Image accreditation: Headway (2018) on Unsplash.com. Last accessed on 8th October 2024. Available at: https://unsplash.com/photos/black-smartphone-near-person-5QgIuuBxKwM

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