The cost of defending businesses against cyber crime has been growing at a fast rate and is predicted to expand to $6 trillion globally, doubling the costs of 2015. Organizations are responding to this trend by increasing their cyber security budgets. Some forecasts estimate global spending to surpass $1 trillion between 2017 and 2021 as companies large and small look to boost their defenses.
Despite better technology to defend against threats and organizations’ stepped-up budgets for tools, the industry is facing a major hurdle. For the last few years, the cyber security skills shortage has been mounting, and there’s no solution in sight. Some studies put the gap in cyber security workers between 1.8 million and 3.5 million in the next few years.
This is a major concern because for defense technologies and strategies to work, you need to have skilled people to oversee those processes. 1 in 4 organizations reports that it takes them six months or longer to fill their cyber security positions.
The pool of prospective employees is limited. It’s not uncommon for a hiring company to receive only a handful of applications for a job opening, whereas other corporate positions see as many as 250 candidates.
Mitigate the Lack of Cyber Security Skill
Since the talent gap situation won’t be improving anytime soon, CISOs, CSOs and IT managers need strategies that address the shortage.
1. Offer training and staff development.
Recruiting and retaining the best talent in this kind of competitive environment requires a new game plan. Various surveys have shown that cyber security professionals value mentorship and professional development opportunities, and that means you need to implement excellent training programs. This applies especially to the incoming millennial generation, which now comprises the largest generation in the workforce.
2. Consolidate security tools.
Alert fatigue is increasing due to the number of disparate technology tools and vendors used by each organization. Instead of adding yet more tools, simplify and consolidate the security infrastructure and find ways to integrate the tools into a streamlined platform.
3. Use automation and orchestration.
Automation and orchestration can help reduce the human involvement, allowing you to do more with less personnel. A variety of vendors offer automation tools to help ease the burden through automation and orchestration. If you’re looking to invest more in cyber security technology, this would be one area to consider.
4. Outsource security needs.
Even organizations with significant cyber security budgets are turning to managed security service providers (MSSPs) for help with some of their needs. Outsourcing to MSSPs is a smart move because it helps you scale resources at a much lower cost. But where MSSPs add value is filling the cyber security skills shortage — removing the burden of finding and training qualified in-house staff.
As a managed security services provider, Tec-Refresh has the expertise, programs and best-of-breed technology to help businesses tackle many of these steps. Tec-Refresh will design a strategy that identifies and closes the gap created by different tools and ensures your entire organization is protected in the cloud and on-premise. Contact us to learn more.