Shortage of Cybersecurity Experts Could Cost Companies Millions: CNBC Report | Trade and Industry Development

Shortage of Cybersecurity Experts Could Cost Companies Millions: CNBC Report

Mar 11, 2019
CNBC reports that attempted cyberattacks on companies are no longer an "if," but a "when"--and in many instances, the hackers will win out.
In the first half of 2018 alone, reports CNBC Contributor Shirley Tay, more than 4 billion records were compromised to data breaches. Tay cites a 2018 study by IBM and the Ponemon Institute that found the average data breach cost companies $3.86 million, and large-scale breaches can hit $350 million.
Against that backdrop, Tay reports, companies are eager to hire cybersecurity experts to guard against those risks, however, there aren't nearly enough people who can fill those roles.
The CNBC report says that the demand for skilled security professionals is one of the biggest challenges facing the cybersecurity industry today, with 2.93 million positions open and unfilled around the world, according to non-profit IT security organization (ISC)².
Jon Oltsik, senior principal analyst at IT research firm Enterprise Strategy Group, told CNBC that without trained security staff, organizations don't have the capability to deploy the right controls or develop specific security processes to detect and prevent cyberattacks. In addition, Oitsik says, the industry is always changing. "I always say that cybersecurity professionals are like physicians, in that they have to spend ample time studying the latest research and threat intelligence," Oltsik told CNBC.
For CNBC's complete report, click here.
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