How to fix the growing cybersecurity skills gap

Cyber and ransomware threats are growing at a rapid rate, critically endangering organizations’ sensitive data. In 2023, the global average cost of a data breach reached USD 4.45 million, a 15% increase over 3 years — predicted to reach $9.5 trillion USD in 2024. What’s more, organizations are now facing highly intelligent, AI-powered threats – including advanced phishing attacks, deep fakes, and fraudulent phone calls — that are increasingly challenging to identify and respond to. Just recently, the FBI warned of hackers burrowing deep into U.S. cyberinfrastructure — with the intention to cause damage to our nation’s electrical grid, transportation systems, and other critical infrastructure. Clearly, AI-powered threats are now reaching critical levels, and organizations across all sectors must respond. 

Amid this growing threat, organizations also continue to face challenges with bridging the cybersecurity skills gap — from security analysts to IT professionals — with 71% of organizations reporting that the cybersecurity skills shortage has impacted them. This gap can be caused by not giving cybersecurity teams enough opportunities to learn and grow within the organization — and as a result, failing to retain talent in the long run. As the threat landscape becomes more complex, and AI technology continues to advance in lockstep, companies must act now to ensure their security and IT teams are prepared for this ongoing shift. With this, providing upskilling opportunities and education about the organization and its business becomes ever more critical in assessing and adapting to new threats. Below are three tips organizations should keep in mind, to confirm that their security and IT workforce is prepared to face evolving threats.