Dive Brief:

• An escalating global cybersecurity workforce shortage is placing organizations worldwide at risk of being vulnerable and understaffed in the face of emerging threats, the World Economic Forum warned in a recent report.

• The cybersecurity industry’s workforce shortage is currently estimated at nearly 4 million professionals worldwide, with a “consistent year-on-year increase in demand for qualified practitioners,” the forum said. It’s part of a much bigger problem in the global workforce in general, with an overall talent deficit that could hit more than 85 million workers by 2030, the report said, citing a Korn Ferry study.

• “As organizations confront the complexities of escalating cyberthreats — ranging from sophisticated ransomware attacks to insidious data breaches — the scarcity of qualified cybersecurity practitioners is reaching alarming proportions,” the forum said.

Dive Insight:

The findings come as cyberattacks and related costs are surging.

The FBI’s Internet Crime Complaint Center received a record 880,418 cybercrime complaints from the American public in 2023, with potential losses exceeding $12.5 billion, according to a report released in March. This is nearly a 10% increase in complaints and represents a 22% spike in losses compared to 2022, the report said.

In 2023, ransomware purveyors — who leverage malware to hold a company’s computer systems or sensitive data hostage until a payment is made — intensified their operations, targeting high-profile institutions and critical infrastructure, blockchain analysis firm Chainalysis reported in February. Such actors extorted more than $1 billion in cryptocurrency payments from victims last year, a record number, the firm said.

Cybersecurity threat actors continue to refine and innovate their methods of attack, which is driving up the demand for professionals with a diverse and specialized skill set, according to the World Economic Forum.

The proliferation of cutting-edge technologies such as generative artificial intelligence has been a boon for criminals and increased the need for a cybersecurity workforce equipped with “evolving know-how,” the forum said.

Other factors contributing to the workforce shortage include a “pronounced lack of diversity,” the report said.

Organizations were urged to take steps such as investing in education and training programs, promoting diversity in the cybersecurity workforce, and providing professional development opportunities for existing staff.