Companies Worldwide Hire 5.4 million Cybersecurity Professionals but Lack Another 4.7 million to Keep their Organizations Secure

November 16, 5:44 pm

Despite all the efforts companies and organizations worldwide put into preventing cyber attacks, global cybercrime has snowballed to $9.2 trillion in 2024 and is expected to grow by another 70% to $15.6 trillion by the end of a decade. This shocking figure is even more worrying given that companies across the sectors worldwide hire only half of the cybersecurity staff they need to keep their organizations secure.

According to data presented by AltIndex.com, the global cybersecurity workforce hit 5.4 million in 2024, yet companies lack another 4.7 million professionals to keep their businesses secure.

The Workforce Gap is Growing 190x Faster than the Global Cybersecurity Workforce

Cyber attacks, including ransomware, data breaches, cyber espionage, and phishing, continue inflicting trillions of dollars worth of damage to companies worldwide. This cost includes stolen money, damage and destruction of data, lost productivity, theft of intellectual property and personal or financial data, post-attack return to the ordinary course of business, and reputational harm. This worrying trend is unlikely to slow down any time soon, especially considering the cybersecurity workforce gap, which is getting wider and wider.

According to the 2024 ISC2 Cybersecurity Workforce Study, companies worldwide hire over 5.4 million cybersecurity professionals, but this number is far from what they actually need to keep their organizations secure. Moreover, the total number of hired cybersecurity professionals increased by a minor 0.1% year-over-year, showing cybersecurity workforce growth has slowed for the first time in six years.

On the other hand, the global cybersecurity workforce gap saw 190 bigger growth, with cost-saving cutbacks, economic uncertainty, artificial intelligence (AI), and a challenging threat landscape as key driving forces. The ISC2 figures show the total number of professionals needed to secure organizations adequately surged by 19% in a year, and hit an all-time high of 4.7 million. That is nearly twice the growth rate reported a year before.

In global comparison, Asia-Pacific is the region hit the worst by the lack of cybersecurity professionals. Statistics show Asian companies need roughly 3.3 million professionals to keep their business secure, 26% more than last year, and 2.5 times more than all other regions combined. The cybersecurity workforce gap in North America is much smaller and stands at around half a million, while Europe lacks more than 400,000 cybersecurity professionals.

Lack of Budget is the Top Cause of Cybersecurity Staffing Shortage

The ISC2 survey also showed the lack of budget is the key driver of the global cybersecurity staffing shortage, with nearly 40% of surveyed organizations needing more money to complete their cybersecurity teams. Unfortunately, that is unlikely to change, with more than one third of companies across sectors planning further cybersecurity cutbacks next year.

Besides lacking enough cybersecurity professionals, one-third of companies also tackle finding people with the right skills to meet their goals. The lack of competitive wages was the third key reason for the staff shortage, with a 28% share among respondents.

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