Cybersecurity firm Fortinet has released its 2024 Global Cybersecurity Skills Gap Report, underscoring persistent issues related to the cybersecurity skills shortage affecting organisations worldwide.

The report reveals that an estimated 4 million professionals are needed to fill the growing cybersecurity workforce gap. It indicates that 70% of organisations believe the cybersecurity skills shortage creates additional risks. Nearly 90% of organisational leaders reported experiencing a breach they could partially attribute to a lack of cyber skills, a rise from 84% in 2023 and 80% the previous year.

Breaches have significant financial and reputational repercussions. Over 50% of respondents noted that breaches cost their organisations more than $1 million in lost revenue, fines, and other expenses last year.

Additionally, corporate leaders are increasingly held accountable for cyber incidents, with 51% facing fines, jail time, or loss of position following breaches. The focus on cybersecurity has increased at the board level, with 72% of respondents indicating that their boards were more focused on security in 2023, and 97% seeing cybersecurity as a business priority.

Value of Certifications in Cybersecurity Hiring

Certifications continue to be highly regarded by employers as validators of cybersecurity skills and knowledge. The survey found that over 90% of respondents prefer hiring candidates with certifications, which are seen as beneficial for improving security posture. Moreover, 89% of respondents would pay for an employee to obtain a cybersecurity certification.

Despite this preference, more than 70% of respondents find it challenging to locate candidates with technology-focused certifications.

Expanding Hiring Criteria to Address the Skills Shortage

Organisations are diversifying recruitment efforts to include candidates from non-traditional backgrounds to fill open roles. 83% of respondents have set diversity hiring goals, although female hires have decreased to 85% from 89% in 2022, while minority hires remain unchanged at 68%, and veteran hires have slightly increased to 49% from 47% in 2022.

Despite valuing certifications, 71% of organisations still require four-year degrees, and 66% hire only candidates with traditional training backgrounds.

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In response to the increasing frequency of cyberattacks, organisations are focusing on a three-pronged approach to strengthen cyber defenses.

This approach includes investing in training and certifications to help IT and security teams obtain vital skills, cultivating a cyber-aware frontline staff to ensure that all employees contribute to a secure organisation, and implementing effective security solutions to maintain a strong security posture.

John Maddison, chief marketing officer at Fortinet, commented: The results from our latest Global Cybersecurity Skills Gap Report highlight the critical need for a collaborative, multi-faceted approach to closing the skills gap. To effectively mitigate risk and combat today’s complex threats, organisations must employ a strategic combination of leveraging the right security technology, upskilling existing security professionals through training and certifications, and fostering a cyber-aware workforce.

“As part of Fortinet’s dedication to closing the skills gap through this three-pronged approach, we pledged to train 1 million people in cyber by 2026. As we near the halfway mark of this five-year commitment, we are close to having trained half a million individuals to date.