Despite all the efforts organisations worldwide put into preventing cyberattacks, global cybercrime has snowballed to $9,2 trillion in 2024 and is expected to grow by another 70% to $15,6 trillion by the end of a decade. This figure is even more worrying given that companies across the sectors worldwide hire only half of the cybersecurity staff they need to keep their organisations secure.
According to data presented by AltIndex.com, the global cybersecurity workforce hit 5,4 million in 2024, yet companies lack another 4,7 million professionals to keep their businesses secure. The workforce gap is growing 190 times faster than the global cybersecurity workforce.
Cyberattacks, including ransomware, data breaches, cyber espionage, and phishing, continue inflicting trillions of dollars of damage to companies worldwide. This cost includes stolen money, damage and destruction of data, lost productivity, theft of intellectual property and personal or financial data, post-attack return to the ordinary course of business, and reputational harm.
According to the 2024 ISC2 Cybersecurity Workforce Study, companies worldwide employ over 5,4 million cybersecurity professionals, but this number is far from what they need to keep their organisations secure. Moreover, the number of hired cybersecurity professionals increased by a minor 0,1% year-over-year, showing cybersecurity workforce growth has slowed for the first time in six years.
On the other hand, the global cybersecurity workforce gap saw bigger growth, with cost-saving cutbacks, economic uncertainty, artificial intelligence (AI), and a challenging threat landscape as key driving forces. The ISC2 figures show the total number of professionals needed to secure organisations adequately surged by 19% in a year, and hit an all-time high of 4,7 million. That is nearly twice the growth rate reported a year before.
In global comparison, Asia-Pacific is the region hit the worst by the lack of cybersecurity professionals. Statistics show Asian companies need roughly 3,3 million professionals to keep their business secure, 26% more than last year and 2,5 times more than all other regions combined. The cybersecurity workforce gap in North America is much smaller and stands at around half a million, while Europe lacks more than 400 000 cybersecurity professionals.
Lack of budget is the top cause
The ISC2 survey also showed that a lack of budget is the key driver of the global cybersecurity staffing shortage, with nearly 40% of surveyed organisations needing more money to complete their cybersecurity teams. Unfortunately, that is unlikely to change, with over one-third of companies across sectors planning further cybersecurity cutbacks next year.
Besides lacking enough cybersecurity professionals, one-third of companies also tackle finding people with the right skills to meet their goals. The lack of competitive wages was the third key reason for the staff shortage, with a 28% share among respondents.
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