Security Talent Shortage Hurts Business

 
 
By Karen A. Frenkel  |  Posted 12-01-2016 Email
 
 
 
 
 
 
 
 
 
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    Security Talent Shortage Hurts Business
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    Security Talent Shortage Hurts Business

    Organizations with few full-time security experts pay three times more to recover from a cyber-attack than businesses with in-house experts.
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    Cyber- Security Talent Shortage
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    Cyber- Security Talent Shortage

    48% of the businesses surveyed admitted that there is a shortage of cyber-security talent, and 46% reported a growing demand for more of these specialists.
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    Protecting Business Assets
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    Protecting Business Assets

    33% of the businesses said improving specialist security expertise is one of the top three drivers for an additional investment in IT security.
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    Cyber- Attacks Are Expensive
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    Cyber- Attacks Are Expensive

    Large enterprises with few full-time security experts pay almost three times more to recover from a cyber-attack than those with in-house expertise: $1.2 million to $1.47 million versus $100,000-$500,000.
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    Costs of External Help
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    Costs of External Help

    A significant portion of cyber-attack recovery costs is used for additional wages for hiring external expert help. The average cost: $126,000 for enterprises and $14,000 for small businesses.
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    More Full-Time Security Experts
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    More Full-Time Security Experts

    69% of companies expect an increase in the number of full-time security expert, and 19% expect a significant increase.
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    Attacks That Spur Security Hiring
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    Attacks That Spur Security Hiring

    POS exploits: 46%, Zero day exploits: 41%, Hactivist activities: 38%, DDoS attacks: 37%, Third-party cloud breaches: 37%,
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    Security Education
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    Security Education

    Higher education is needed to fulfill the demand for more security experts, but there’s also a call for changes in the security industry. One solution is to aid universities with relevant experience.
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    Sharing Intelligence
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    Sharing Intelligence

    Another solution involves sharing intelligence with corporate customers in the form of threat data feeds, security training, and services to develop strategic security in the wake of advanced threats.
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    From Prevention to Detection and Response
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    From Prevention to Detection and Response

    Businesses tend to focus on prevention technologies and pay less attention to threat detection and response. But in three years, companies expect to invest 60% of their IT budgets on protection approaches beyond prevention.
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    Recommendations
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    Recommendations

    The report recommends building new security solutions with intelligence in mind and ensuring that new findings about the evolving threat landscape are shared with everyone involved.
 

Large businesses with few full-time security experts pay three times more to recover from a cyber-attack than businesses with in-house experts, said a new report. In addition, an inability to hire new security talent has a direct impact on the damage caused from cyber-security breaches. The survey, “Lack of Security Talent: an Unexpected Threat to Corporate Cyber-Safety,” by Kaspersky Lab, asked 5,000 representatives in various company sizes working in different industries about their perception of the security talent shortage. Said Veniamin Levtsov, the company’s vice president of Enterprise Business, “Sometimes these assaults are based on sophisticated malicious technologies, but more often, we see attacks that exploit human weaknesses and the inevitable growth in infrastructure complexity. … The most precious assets that businesses can use to counteract these attacks are people with even better talent, knowledge and skills. … For the corporate world and the security industry alike, this is not a comfortable paradigm shift, but sooner or later, intelligence-based security is going to be universally embraced. Talent shortage is one of the clear signs of that.” Here are key findings from the report.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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