THE growing cybersecurity workforce gap highlights a critical challenge in the global fight against escalating cybercrime, which has reached a staggering $9.2 trillion in 2024.
This is projected to grow by 70 percent to $15.6 trillion by 2034. Yet, despite incremental increases in cybersecurity staffing, the workforce gap is growing at an alarming rate, creating vulnerabilities for companies worldwide.
The annual cost of cybercrime includes damage from ransomware, data breaches, phishing, cyber espionage, and other malicious activities. Expenses span financial theft, lost productivity, data destruction, and long-term impacts like reputational harm and recovery costs.
WORKFORCE GAP. In 2024, companies worldwide hire 5.4 million cybersecurity professionals but lack another 4.7 million to keep their organizations secure. CONTRIBUTED PHOTO
The global cybersecurity workforce “reached 5.4 million in 2024 but fell short by 4.7 million professionals to meet the growing demand. The gap has grown 190 times faster than the workforce itself, signaling a critical shortfall,” according to AI investment platform Altindex.com.
Most affected regions include Asia-Pacific, which needs 3.3 million professionals, 26 percent more than last year, and accounts for 2.5x the gaps in all other regions combined. While North America lacks around 500,000 professionals, and Europe is facing a shortage of over 400,000 professionals.
Nearly 40 percent of organizations “cite insufficient funding as the top barrier to building cybersecurity teams. While one-third of companies struggle to find candidates with the necessary expertise to meet evolving cybersecurity needs. About 28 percent of organizations report challenges in offering competitive salaries to attract top talent.”
Economic pressures and cost-saving measures are leading to cybersecurity budget cutbacks, while over one-third of companies plan to reduce their cybersecurity spending in the coming year. Emerging technologies like AI and increasingly sophisticated threat actors exacerbate the need for skilled professionals.
To address this widening gap and strengthen defenses, “organizations and policymakers must invest in education and training to develop targeted programs to train more cybersecurity professionals with practical, job-ready skills.”
An increase in budgets could also “advocate prioritizing cybersecurity funding as a core business and national security need. Plus, the use of advanced tools, such as automation and AI, to mitigate the impact of workforce shortages and enhance efficiency.”
Attract and retain talent by “offering competitive wages, benefits, and career development opportunities to draw skilled professionals. Public-private partnerships should be encouraged, especially in regions like Asia-Pacific, to tackle the workforce gap collectively.”
The rapid growth of cyberthreats underscores the urgent need for action to bridge the workforce gap and safeguard businesses, economies and individuals globally.
Financial phishing attacks
In related news, the sharp rise in financial phishing attacks in Southeast Asia underscores the urgent need for heightened cybersecurity measures. A recent report from cybersecurity company Kaspersky highlights a staggering 41 percent increase in such attacks from January to June 2024 compared to the same period last year. This trend reflects not only the increasing digital adoption in the region but also the growing sophistication of cybercriminal tactics.
“Over 336,000 phishing attacks targeted organizations and businesses in the region. Thailand recorded the highest number of incidents (141,258), while Singapore and the Philippines experienced the fewest,” the report said.
Impersonation of e-commerce, banking and payment brands to steal sensitive data was said to be the common tactic, while advanced social engineering schemes, including fake charitable organizations, are used to deceive victims. The emerging use of deepfake technologies for creating convincing fraudulent videos and voice messages is also becoming a problem.
Banking, insurance and e-commerce remain primary targets “due to their critical role in the financial ecosystem.” Both individuals and corporate users are at risk, with “corporate devices increasingly becoming a target.”
Thailand saw a 582 percent increase in attacks, and Singapore saw a 406 percent rise compared to the previous year. “High growth in financial phishing corresponds with increased reliance on online banking and digital services,” the report indicated.
As a precaution, individuals should always stay vigilant about unsolicited emails, messages and calls requesting sensitive information. The use of multi-factor authentication (MFA) and strong, unique passwords for financial accounts are highly recommended. Regular updates on software or apps, plus avoiding clicking on unknown links, are proven best practices.
For organizations, investing in robust cybersecurity solutions capable of detecting and mitigating phishing attempts is a big step. As well as conducting employee training to recognize phishing attempts and the practice of secure online behavior. Companies should also monitor for deepfake scams and fraudulent applications across platforms.
As digital adoption continues to grow, the threat landscape in Southeast Asia evolves with it, the Kaspersky report said. Adding that “collaboration between governments, private sectors, and individuals is crucial to counter the rising tide of financial phishing. Building awareness and strengthening defenses are imperative to safeguarding sensitive financial data and assets in the increasingly digital world.”
Be the first to comment