The Cybersecurity Talent Shortage Continues to Bite

Almost every industry on the planet is currently experiencing some degree of talent crisis. As older employees hit retirement age, there are simply not enough younger candidates applying to fill the roles they are vacating.

The issue existed before the global COVID-19 crisis, but there is no question the pandemic has worsened the problem significantly. As many businesses closed their doors due to lockdown restrictions, people were given the opportunity to pause and consider roles and methods of working – e.g., working from home – which they hadn’t had the chance to previously. Many of these people have found more rewarding work or work which offers a more attractive work/life balance elsewhere.

The cybersecurity business is no exception to this pattern and CISOs the world over are struggling to find the employees they need to meet the challenges of the modern information security landscape.

The Scale of the Problem

According to the 2022 edition of the ISC2 Cybersecurity Workforce Study, the global cybersecurity workforce gap increased by over a quarter (26.2%) between 2021 and 2022. The survey of over 11,000 cybersecurity managers discovered that 3.4 million workers are required to effectively secure assets – compared to 2.72 million in 2021.

When pressed for the reasons firms were struggling to fill these gaps, respondents named finding enough qualified talent as the biggest cause for the shortage of cybersecurity staff (43%). However, several other factors were also identified as being wholly or partially responsible for the deficit, such as struggling to keep up with turnover/attrition (33%), not paying a competitive wage (31%), budgetary constraints (28%), lacking opportunities for growth/promotion (24%) and insufficient resources for training non-security IT staff to become security staff (23%).

When the ISC2 research investigated the reasons people left their roles, 70% of cybersecurity professionals stated overwork and burnout as major causes of resignations. Workplace culture and working conditions were also listed as serious concerns.

"Retaining and attracting strong talent is more important than ever,” said ISC2 CEO, Clar Rosso in a press release. "Professionals are saying loud and clear that corporate culture, experience, training and education investment and mentorship are paramount to keeping your team motivated, engaged and effective.”

Of course, one factor is conspicuous by its absence in the above quote, and we think it’s rather telling that it fails to include two of the most prominent reasons for the talent crisis – money and burnout.

Money and Burnout

It’s time for corporations around the world to have a serious conversation with themselves regarding how their employees are treated and compensated for their work. A quick look around the internet will tell you straight away that workers are fed up with being expected to sacrifice their precious lives to a corporate machine and being asked to do more work, during more hours, for less compensation.

The number of job listings which advertise themselves as an entry level position and offer entry level salaries, whilst asking for years of experience in the field is staggering. If you expect your candidates to have experience, it is not an entry level position, and the salary should reflect this. Money is the number one reason people are working – it’s honestly baffling this needs pointing out – and firms need to make sure they are offering attractive compensation if they want to bring in the best talent.

Other elements such as workplace culture are nice to have, but it all starts with appropriate compensation, and we need to stop pretending this isn’t the top motivating factor for employees.

Then there’s the issue of burnout. Because of the talent crisis, people are being asked to do more with fewer resources, which leads to overwork, and them eventually throwing up their hands and giving up. Be reasonable in your expectations of the staff you do have and don’t punish them for the fact your firm hasn’t made itself attractive enough for candidates – or made the budget available to hire appropriate levels of staff.

Working from home is also a key demand of workers in the post-COVID era. This manner of working reduces stress and the likelihood of burnout and empowers workers to, not only save money on factors such as commuting and childcare, but also enables a healthier work/life balance which is good for everyone.

Final Thoughts

The nature of work has changed, and the time is now for firms to have honest conversations with themselves about how they reward their workers. Periphery factors such as benefits, engaging employees, etc. are all important, but nothing is more critical when it comes to attracting talent than compensation and working conditions.

The cybersecurity talent shortage will definitely be part of the conversation at InfoSec Finance Connect 2023, being held in March at the Rancho Bernardo Inn, San Diego CA.

Download the agenda today for more information and insights.