Worldwide spending on cyber-security to exceed $1 trillion by 2022

Worldwide spending on cybersecurity products and services may eclipse $1 trillion between 2017 and 2022, says a conglomerate of cyber-security firms.

Cybersecurity 500, a group of leading cyber-security firms, also believes that cyber-crime damages will exceed $6 trillion annually by 2021.

Despite huge investments being poured on cyber-security by global firms, the total cost incurred by them because of cyber-attacks is expected to go up to $6 trillion annually by 2021 from $3 trillion last year. A major reason for this is a critical workforce shortage which they hope to plug in the next four years.

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“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,” revealed a survey commissioned by (ISC)2, an information security certification body.

“Human capital has moved ahead of technology when we look at companies. Organizations are struggling through a prolonged labor shortage which has 1 million cyber-security job openings in 2017, and that will grow to a minimum of 1.5 million by 2019” said Steve Morgan, founder and Editor-in-Chief of Cybersecurity Ventures.

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Another reason for the rising vulnerability of companies to cyber-crimes is because most of them fail to appreciate the fact that cyber-warfare is an ongoing challenge rather than a technology issue that can be fixed.

"Large enterprises still aren’t nearly as agile as their attackers so it’s our job as cyber advisors and service providers to be on the cusp of emerging threats and technologies. Only the paranoid survive,” said Robert Herjavec, founder and CEO of cybersecurity firm Herjavec Group.

Earlier this year, Verizon’s Data Breach Investigations Report revealed a 50% rise in ransomware attacks compared to last year, 289 confirmed breaches related to espionage, 90% of which were attributed to state-affiliated groups, over 21 percent of all security incidents being phishing attacks and that organised criminal groups were behind 51% of breaches.

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As of now, the cyber-security industry is plagued by a glaring skills shortage coupled with the presence of overpaid professionals who are making over £78,000 per year on an average. As such, companies across Europe are now finding it increasingly difficult to retain talent because of high salary demands.

The (ISC)2 survey revealed that organisations across Europe are set to embark on a massive hiring spree of cyber-security professionals to cover for the existing skills gap which is expected to rise to 350,000 workers by 2022.