Page 125 - Cyber Defense eMagazine April 2023

While most cybersecurity companies are focusing on digital transformation, the new cloud-based
technologies they need to turn to in the wake of the pandemic, and how they will handle rising inflation
costs, many tech leaders are overlooking much more alarming truths within the industry.

The Critical Connection Between Cybersecurity and the IT Industry Talent Gap While the IT talent gap is
an immense issue, causing similar pains in multiple corners of the globe, solving the cybersecurity talent
gap is a sub-issue that’s just as important, if not more, given the dire consequences a cyber-attack or
breach can have on an organization’s critical infrastructure, sensitive information, private data, business
operation, and overall reputation.

The State of SMB Cybersecurity in 2022 report revealed several interesting statistics related to the issue:

● 78% of organizations across all industries said they plan to increase their cybersecurity spending over
the next year.

● 31% cited broad-level pressure in this area compared to 14% in 2020.

● 94% of organizations said they’d be willing to move to a new cybersecurity provider that offered the
right solution for their business.

● Additionally, 39% said they’d even be willing to pay more for a company that could provide that said
solution (versus 30% in 2019).

What’s at Stake for SMBs if the Cybersecurity Talent Gap Continues?

While the IT Skills Gap is causing similar pain points for all business leaders, solving the challenges
posed by the cybersecurity industry talent gap is mission-critical to help SMBs survive the current
backdrop of economic certainty and an increasingly complex cyber threat landscape.

Cybersecurity is one of the most significant IT sub-sectors in the global marketplace due to several
contributing factors–namely the growing number and increasingly damaging effects of digital attacks.

In fact, over 60% of SMBs have experienced a financially damaging cyber-attack in the past 12 months,
according to research.

The biggest reason is an increase in the number and effect of digital attacks. Also, many industries are
calling for increased compliance legislation, necessitating more in-depth cybersecurity protocols.

Now, the question becomes: with this increased demand, how does the IT talent gap specifically play out
for the cybersecurity sector?

IT companies that continue to fall short when it comes to finding talented, specialized labor begin to see
drastic declines in key areas of their businesses. Failure to fill these highly skilled tech roles makes IT
companies less secure, less efficient, and less effective. With so much of our world running on data and
IT infrastructure, this may be one of the biggest industry challenges of our time.

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