As the cyber security threat keeps growing in magnitude, a troubling statistic is floating to the surface. Businesses simply do not seem to be finding applicants with the correct skills to combat the online threat, or they can’t afford the ones that do.
Cyber criminals are becoming more sophisticated, are more quickly exploiting vulnerabilities, and are finding increasingly creative ways to trick your network and your employees into letting them in. But without the correct skill sets, how are companies to effectively fight back in 2020? The cyber security skills gap needs to be addressed one way or the other.
First, let’s take a look at some relevant cyber-security statistics from 2019. According to research from numerous industry giants (Juniper Research, Verizon and Hiscox , among others) , the outlook is a bit dire.
- Only 11% of organizations are considered to be cyber-experts when it comes to their level of proactive threat protection. A significant 73% are considered novices at handling the current cybercrime environment.
- 61% of data breaches in recent years involved companies with fewer than 1,000 employees.
- Organizations who lose only 1% of their customer’s data in a breach have suffered an average real dollar loss of $2.8 million dollars.
- 65% of companies have significant numbers of email and network users with passwords which never expire. This statistic exists in concert with the fact that 92% of phishing scams access your network through email.
- Over 146 billion records will be exposed or exploited through cyber crime between now and 2023.
Perhaps most frightening to small business owners is the fact that 64% of consumers and customers have indicated that they are not likely to continue to do business with a company who experienced a data breach.
Given the fact that cyber crime is so prevalent, its consequences so severe, and companies seem unprepared for the threat – what can be done? The obvious solution is to hire someone who is an expert in cyber crime.
The Dilemma of the Cyber Security Skills Gap
The problem is, a recent study by Cybersecurity News shows how difficult that may be. In fact, the research reveals a telling problem.
- 69% of companies have understaffed cyber security teams, if they have one at all. Given the reality that fighting cyber crime is a 24×7 prospect, not enough people to cover the hours is a huge issue. While some are looking for more help, others do not have the budget to add additional team members.
- At any given time, approximately 58% of these companies have open cyber-security positions which they were looking to fill, but are not easily able to. A third of these companies report having open positions in cyber security for six months or more.
- Even worse, 30% of companies report that only one quarter of the applicants even have the necessary skills to fill the position. This proves that there are simply not enough skilled IT professionals specializing in cyber security, at a time when they are so critically needed.
While IT professionals bring their skills up to speed to meet the demand, the few qualified candidates are commanding more compensation. A small business owner may find themselves in a very tough position in 2020, needing experienced personnel to protect their business.
The managed services model is likely the best and most advantageous way for organizations of all sizes to weather the skills gap. By sharing resources with other Sarasota area companies, you can have access to a deep bench of experts in all disciplines, including cyber criminality and emerging threats. Instead of having to find, hire and compensate a full time staff of cyber crimefighters, SMBs can instead utilize the professional resources of Alliance IT. Don’t head into 2020 unprotected – call us today for a free consultation.
