High-profile data breaches, growing instances of digital espionage, and increasingly stringent security and data protection regulations have compelled organizations to take their cybersecurity seriously. This has led to an increase in demand for information security analysts and cybersecurity specialists, and other professionals who are closely associated with this field.
So, it’s no wonder that jobs in the cybersecurity industry are expected to grow at an average rate of 33%. Moreover, the industry is predicted to grow from $155 billion in 2022 to $376 billion by 2029, at a CAGR of 13.4%. This clearly shows the growing concern for organizations to deal with the severe dangers posed to their business and customer records.
Interestingly enough, some studies reveal a shortage of 200,000 cybersecurity professionals within the United States, with a global deficit of 2 million. There is no doubt that the cybersecurity market isn’t growing nearly as fast as necessary to fulfill the increasingly complicated data and network security needs of modern organizations. That is precisely why businesses struggle to find and hire proficient cybersecurity professionals.
This blog explores the main reasons behind the rapid growth in the cybersecurity industry and ways of solving the talent crisis. It also discusses motives for why hiring managers need recruiters and how they can prove beneficial for the company’s growth.
Reasons For The Rapid Growth Of The Cybersecurity Industry
The cybersecurity business is driven by rapidly evolving online platforms and technologies like artificial intelligence (AI), cloud security, and the Internet of things (IoT), among others.
On one side, technology solves complex issues and creates new employment opportunities. On the other hand, there are an increasing number of digital-age challenges that endanger the privacy and security of users.
The prevalence of cybercrimes has grown in direct proportion with the advancement of technology. Even high-profile names like Uber, Target, and Yahoo are exposed to security threats incessantly, making it imperative for them to stay vigilant about security vulnerabilities.
Here are some reasons behind the rapid growth in the cybersecurity industry:
Data Has Gone Digital
Everything is digital nowadays as hard copy and paper-based processing take a back seat. Digital data is often protected with a password, and it’s also saved on a shared network. As a result, hackers can access this network and attain valuable data putting businesses at risk.
As more businesses shift to digital cloud computing solutions to save their confidential information, they possess additional security threats. They use and store data as an integral part of their operations. Unfortunately, data storage is the most vulnerable to cybercrimes because it comprises sensitive customer and employee data. Hence, they need to hire cybersecurity professionals to protect their information from hackers and implement sophisticated security measures.
Cyber Threats Continue To Grow
Most security breaches happen when hackers exploit individuals by identifying leaks and cracks within the security system. Hackers usually employ several techniques such as phishing, email scams, and others to get hold of confidential information.
Crime costs are expected to grow to $10.5 trillion worldwide by 2025. The rapid demand highlights the need for cybersecurity professionals competent to implement modern security measures and fight against cyberattacks.
Financial Losses And Business Failure
Undoubtedly, the size, cost, and the number of data breaches have increased significantly, where businesses spend an average of $3.62 million on data breaches. Cyber-attacks lead to the increasing cost of securing sensitive information, the cost of reassuring customers in case information gets leaked, and the cost of implementing better security measures – yet many fail at securing valuable information.
Hackers Are Getting Smarter Day By Day
Hackers and cybercriminals continue to come up with innovative and sophisticated ways to breach data. With the constant advancement in hackers’ skills, companies need to invest in cybersecurity specialists to protect their businesses. Proficient IT security analysts are responsible for identifying loopholes within the current security system, developing and implementing advanced preventative measures, and defending against cyberattacks.
Employment Outlook For Cybersecurity Professionals
The increasing rate of cybercrimes is the reason behind the rapid growth in the cybersecurity industry. This has compelled organizations to protect their information on online channels and implement security precautions to protect against IT security breaches.
There is a need to fill the growing cybersecurity gap in order to prevent future data breaches. The easy way for HR managers and CEOs to hire competent cyber security analysts to keep developing and implementing sophisticated security measures is to take advantage of recruiters.
In today’s digital age, the demand for cybersecurity professionals is high, with lucrative employment opportunities available in multinational corporations and SMEs across the globe.
While there has already been a proliferation in these jobs and skillsets, it is safe to say that this is only the start. Therefore, professionals in this industry need to upskill their capabilities, get more security training and expand their offerings to take advantage of the massive growth.