The total number of unfulfilled cyber security jobs worldwide is expected to touch 3.5 million by 2021, even though worldwide spending on cyber security will cross $1 trillion.
By 2021, cyber crimes will cost the world $6 trillion annually, six times more than the worldwide spending on cyber security.
Research firm Cybersecurity Ventures has revealed that the total number of vacant cyber security jobs will touch 3.5 million worldwide by 2021, up from 1.4 million at present. The rising trend of cyber crimes will indeed push up spending on cyber security significantly but it will be no match for the amount lost to cyber crimes.
While worldwide spending on cyber security products and services is predicted to eclipse $1 trillion between 2017 and 2021, companies across the globe will also spend an additional $10 billion by 2027 on security awareness training for employees.
At the same time, Cybersecurity Ventures states that by 2021, 100% of large companies worldwide will have a CISO position. With the increasing threat coming from cyber crimes, CISOs will be indespensable as organisations will need security leadership to overcome the shortage of available cyber security talent.
In Europe alone, the overall cyber security skills shortage is expected to rise to 350,000 workers by 2020, according to (ISC)2, an information security certification body. Even though 38 percent of European firms are looking to increase their cyber-security workforce by as much as 15% in the next year, it will not be enough to plug the overall shortage.
“The combination of virtually non-existent unemployment, a shortage of workers, the expectation of high salaries, and high staff turnover that only increases among younger generations creates both a disincentive to invest in training and development and a conundrum for prospective employers of how to hire and retain talent in such an environment,” said (ISC)2.
According to a global study, the UK is the second worst in the world at the moment in terms of cyber skills shortage with employer demand exceeding candidate interest by as many as three times. Despite efforts from the government and the industries, the skills gap has in fact increased by a third between 2014 and 2016.
The UK’s Department for Digital, Culture, Media and Sport recently launched an ambitious £20 million Cyber Schools Programme that aims to help teenagers learn the latest cyber security skills and techniques alongside their secondary school studies. Through this programme, the government is aiming to train 5,700 teenagers by 2021.
The government has also introduced many 10-week cyber security boot camps, officially known as Cyber Retraining Academy, to ‘encourage and develop potential new cyber security professionals’. The training is fully-funded by the government, does not require any previous cyber security experience among recruits, and confers trainees with industry-recognised GCIH certification to help them apply for cyber security jobs.