By Aude Martin
Overcoming the challenge of an estimated shortfall of 4 million cyber security professionals.
In a recent industry report on cyber security,1 two figures stand out among the key findings.
First: $4.88 million. That’s the estimated average total cost of a data breach today, up 10% on last year and the highest since the pandemic. The rise was driven by the greater cost of lost business, a higher average cost of responding to a breach, and a rise in regulatory fines.
Second: 26.2%. This is the growth in the cyber skills shortage compared with the previous year. More than half of organisation polled by IBM* in the research said they are facing ‘high’ levels of security staffing shortages.
The ongoing rise in the costs of cyber attacks helps explain robust growth forecasts for the cyber security market, with one estimate forecasting a compound annual growth rate of 12.3% per annum between 2023 and 2030.2
Amid growing concerns over the skills gap, technological advances promise to revolutionise how cyber security professionals protect the digital world. For investors, the creators of these technologies could be an interesting area given the vast – and constantly growing – addressable market.
*For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security
