A company’s reputation could be destroyed overnight by a data breach and it could also prove to be very costly. Unfortunately, there aren’t enough people with the relevant skillsets to fill cyber security positions to prevent these situations from happening.
It was predicted that 60% of businesses would experience some form of breach of sensitive data in 2015 which proved to be even higher, with hackers successfully targeting organisations such as the FBI, Trump’s hotel chain and Experian amongst others.
A recent study found that across 11 countries, the average consolidated total cost of a data breach is $3.8 million, a 23% increase since 2013. The demand for cyber security specialists is expected to grow by 53% over the next two years.
The Center for Strategic and International Studies (CSIS) discovered that 82% of organisations are reporting a shortage of cyber security skills. One in four confirmed they were victims of cyber thefts of proprietary data, due to the lack of qualified workers.
The skills needed to fill the gap were identified as; intrusion detection, secure software development and attack mitigation. Currently there is greater demand for these skills in graduates than softer skills, such as the ability to collaborate, manage a team or communicate effectively.
In terms of acquiring relevant cyber security skills, the majority of organisation decision makers surveyed by CSIS believe that hands-on experiential learning is the best training for these jobs, suggesting this is an indicator of directly relevant cybersecurity skills.
The study also found that the US and the UK are currently investing the most in cyber security education, with the total global cyber security spending estimated to be more than $100 billion over the next four to five years.
If you would like to find out more about training in the cyber security, visit our digital sector page, which contains further information about the Cyber Security Foundation Degree at Newcastle College.