The Cyber Security market is the place to be right now. Demand for Cyber Security professionals is through the roof and supply can’t keep up. It's predicted that in 2023 there’ll be a shortage of 3.5 million Cyber Security professionals.
But what’s driving demand? How can the market keep up? What’s the future of Cyber Security?
With so much shifting within the industry, new developments, new technologies and new challenges, it’s tricky to see what comes next.
First, we need to understand what’s driving demand for Cyber Security professionals.
Why is the level of demand so high?
Over the last few years we’ve seen the number of cyber attacks significantly increase. Businesses have suffered reputational damage, financial losses and legal ramifications. Those consequences have resulted in companies stepping up their commitment to understanding and mitigating cyber security attacks. But to do that, they need Cyber Security experts.
Rise of AI and machine learning
When we think of hackers, we think of one individual squirrelled away in a room on their laptop until the small hours of the morning. But that’s not the reality. Cyber Hacking today is a multi-billion dollar enterprise, and one that’s utilising all new technologies to find smarter and more effective ways to navigate security.
Using Artificial Intelligence and machine learning hackers can increase their end-to-end-attack life from hours to days or even weeks. With machine learning in the mix, the software can learn what’s working and what’s not and continually adapt, increasing the threat and likelihood of a security breach.
The shift to remote working combined with an increase in the level of personal data collected and stored by businesses means Cloud technology has never been more important. To give an idea of scale, in 2020 every person on Earth created 1.7MB of data every second. With that much personal information held remotely there’s a real security risk.
By hosting cloud technology with third parties, access is granted to a range of people and organisations creating more entry ways for hackers to exploit.
In the most extreme ransomware attacks hackers have demanded $40-80 million payments from their victims, making ransomware attacks a serious threat. Through increased use of remote desktop access hackers have been able to access sensitive data to leverage.
With new, sophisticated technology and tactics such as social engineering, digital extortion and distributed denial-of-service (DDoS) the use and severity of ransomware attacks is on the rise and something businesses need to plan for.
Impact of Cyber Security breaches
20% of organisations in the UK have reported experiencing a data breach accident once per month. With that many businesses impacted it’s clear that Cyber Security has to be on the agenda of any forward-thinking company.
The cost of cyber security breachers averages annually at around £15,300 per victim. That’s a significant contribution towards the salary of an expert employee who can prevent those attacks from happening.
Future for Cyber Security
What’s clear is that this is an industry set to grow. By the end of this year it’s estimated the Cyber Security industry will be worth over $202 billion. Unsurprisingly that growth has translated into demand for experts, and over the last two years demand for Cyber Security professionals has grown by 60%.
But when we talk about demand for Cyber Security professionals, we aren’t just talking about traditional IT roles. Non-IT roles such as project managers, business analyst, business development managers and customer experience employees are also seeing cyber security knowledge filter into their job descriptions. Showing how Cyber Security is becoming everyone’s responsibility and over the next few years we’ll see more roles taking responsibility for digital security in one way or another.
For businesses the increase in demand combined with the shortfall in Cyber Security professionals means the job market is going to become even more competitive. Requiring organisations to think about the overall compensation strategies but also ensuring they retain the skilled experts they already have.
With 2.39 million instances of cyber crime across all UK businesses, this isn’t an issue that’s going to go away. It’s one that’s going to become more focused, more skilled and more serious. Which means it’s an issue that needs proactively managing so you have the expertise in place before you need them.
If a role in Cyber Security sounds like your next career move be sure to check our jobs board for the latest Cyber opportunities.