By Merlin Piscitelli, Chief Revenue Officer, EMEA at Datasite
Rising geopolitical tensions and increasingly sophisticated cyberwarfare tactics have meant that cybersecurity threats are now more prevalent than ever. In current times, the number of cybersecurity attacks are increasing in volume and intensity on a global scale and if a company is not properly equipped to deal with this reality, it could directly impact their survival.
Recently, some sections of businesses were compromised, taken offline, and employee accounts within key microchip and electronic powerhouses were exposed due to cyber-attacks. Most alarmingly, some of these attacks were perpetrated by the same hacking extortion group.
As digitalisation continues to increase throughout the world, and events like Russia’s invasion of Ukraine take place, it is now more important than ever to focus on combatting cyber-crime. The industry understands this, as record levels of investments have been pouring into the sector to advance our capabilities within the field.
The cybersecurity surge
Within the last 12 months, the cybersecurity sector has seen major growth with now almost 2,000 firms active within the UK providing cyber security products and services. In 2021 the UK cybersecurity industry contributed £5.3 billion to the economy, an increase of about a third from 2020, and cybersecurity firms have raised more than £1 billion external investments in 84 deals. It’s therefore fair to say that the acceleration towards digitalisation caused by the pandemic has meant businesses have had to increase their cybersecurity efforts, leading to increasing demands within the sector.
As the industry finds new solutions to combat cyber-attacks, cybercriminals are continuing to explore new tactics to ensnare victims. This has resulted in higher demands for those skilled within the industry. Now, with over 2.5 million cybersecurity jobs available and the war for talent rapidly gaining momentum, it’s clear that pressure is increasing.
Cybersecurity and data protection is a strategic investment and a highly specialised endeavor. It can be more cost-effective (especially for small and medium size firms) to outsource this responsibility and partner with a vendor to design and implement solutions. Business leaders will need to ensure they are working with a reputable partner that can offer the best level of protection and technical expertise to fit organisational needs.
The talent gap
While demands are currently high, the supply isn’t there to match. In the UK, the cybersecurity talent pool has fallen short by around 10,000 people a year, and in the previous 12 months, the UK’s cyber skills shortage rose by more than a third. As a result, cybersecurity is now the most sought-after tech skill in the UK.
With more than half, 54%, of UK CEOs believing cybersecurity presents the best opportunity for TMT dealmaking over the next year, demand will rapidly outstrip supply of expertise unless there is a rapid change within the industry.
Championing the workforce
Businesses have had various strategies when looking into combatting this issue. When asked what the main drivers of recent and future cross-border technology acquisitions are, one-third of UK M&A professionals surveyed cited access to skilled/specialised talent.
Investing in your workforce is the tried and tested way of mitigating against cyber-attacks and managing risk. Having access to the necessary resources to protect your digital ecosystem and build momentum by upskilling individuals already working in the tech space, along with attracting new talent, will be crucial to tackling the current professional shortfall.
Furthermore, bringing diversity and inclusivity into the process will help truly overcome the war for talent, as businesses will need to acknowledge the correlation between the skills shortage and the lack of inclusivity needed to diversify the sector.
Ultimately, addressing the current skills gap within cybersecurity will require combined efforts from businesses, academia and governments. Championing students to take an active interest cybersecurity and go through the necessary training to develop the skills needed in the industry will go long way in evening out the playing field.
It is only by investing in developing cybersecurity talent that will we have enough people with the expertise required to protect organisations digital ecosystems as the threat landscape becomes more diverse.