Recruitment in cybersecurity remains very risky – the industry will exceed the market size of $400 billion by 2027
by Lake SydneyJuly 22, 2022, 1:52 pm
People attend the massive job fair held at the FLA Live Arena, as seen in June 2022 in Sunrise, Florida. (Photo by Joe Riddell/Getty Images)
In 2017, the global cybersecurity market was worth about $86.4 billion, according to research by Gartner, a technology research and consulting firm. But after just one decade, the market is expected to grow by almost 80%. By 2027, market research firm BrandEssence predicts the global cybersecurity market will reach $403 billion; At a compound annual growth rate of 12.5% between 2020 and 2027.
This rapid growth rate is the result of a cycle of action between cybercrime actors and intelligence agencies, explains Kayne McGladrey, a senior member of the Institute of Electrical and Electronics Engineers (IEEE), and cybersecurity strategist at Ascent Solutions. While cybercrime actors reinvest their illegally earned profits into developing new capabilities, hiring more employees, and diversifying their supply chains, cybersecurity agents are not investing or hiring at the same rate.
“As a result, those companies with solutions and products in the cybersecurity industry are substantially reinvesting their profits in the research and development of AI-based solutions aimed at detecting and addressing the actions of these increasingly well-funded adversaries,” says McGladry. luck. “This cycle will continue as long as it remains profitable for cybercrime actors, except for significant changes in how companies prioritize and address cyber risks.”
Why is the cybersecurity industry growing so much
Simply put, there are more cyber attacks that happen every year. Between 2020 and 2021, the average number of cybersecurity attacks annually increased by 31%, to 270, according to Accenture’s 2021 State of Cybersecurity Report. The average number of successful attacks per company was 29.
For this reason, proper cybersecurity measures have become a necessary project for businesses of all shapes and sizes.
“Cyber security is an integral part of all businesses, whether they are online or not, especially given the proliferation of payment networks, cloud-based data storage, and everything else regardless of whether or not companies are facing the Internet,” Yale Fox, Member IEEE CEO Public Benefit Technologies says luck.
In addition, new technology is growing at a rapid pace. As Fox points out, AI and machine learning are “just starting to wake up,” he says. “We are in the middle of a renaissance now.”
As a result, Yale says the market could end up being larger than the projected target of $400 billion by 2027. “We are in the eye of a storm for rapid and incremental growth for all tech industries.”
The need for cybersecurity talent
With the exponential growth of the industry, comes the need for more trained professionals in the field of cybersecurity. But we already have a small number of employees in the United States – and a lot of that has to do with the fact that there simply aren’t enough trained and qualified people to work on some of these complex systems.
“Organizations face challenges in hiring cybersecurity experts who are equipped with the skills to defend a complex attack surface, such as the cloud, and can power new technologies that are being purchased each year,” said Adi Dar, CEO and founder of Cyberbit, a company that offers cybersecurity readiness and skills platform. , as you say luck.
In the United States, there are about 1 million workers in cybersecurity, but there were about 715,000 jobs not filled as of November 2021, according to a report by Emsi Burning Glass (now Lightcast), a market research firm. Worldwide, the number of cybersecurity job vacancies worldwide grew 350% between 2013 and 2021, from 1 million to 3.5 million, according to Cyber Security Projects.
Companies continue to look for cyber talent, but many of these jobs require credentials, certifications, or a master’s degree in the field.
“There are not enough people in the cybersecurity field with the skills to deal with the new threat landscape,” Dar says. “Government, education, and industry must urgently come together to find a way to increase the quantity and quality of the cybersecurity workforce, or we will continue to see spending increase year after year, with no real impact.”