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Cybersecurity risks due to lack of trained specialists

Cybersecurity risks due to lack of trained specialists

July 26, 2018

There is a potential problem looming in the expanding world of cybersecurity.

First, consider how technology has impacted the way businesses operate. Dramatic changes have happened in a short amount of time.

We are all comfortable with smart devices and ‘instant everything’. Companies are using advanced technology as a means to become more efficient and reduce operating costs.

These changes are predictable however they are happening at an increasingly fast rate.

As technology advances, so does the level of cyber risk. Technological evolution has made it necessary for organizations to constantly improve their cybersecurity capabilities.

The Bank of Canada has repeatedly said that cybersecurity is one of the big three financial risks facing our country. Now we have new insight into what those risks might entail.

A recent report by Deloitte reveals the world is facing a cyber talent deficit, which is creating an unprecedented demand for cybersecurity professionals. In Canada the demand for cyber talent is growing by 7 per cent annually and they estimate we will need to fill over 5,000 cybersecurity roles between 2018 and 2021.

Globally, the cybersecurity workforce shortfall is expected to be 1.8 million people by 2022.

Deloitte reports that Canadian schools are not able to keep up with the demand to train people for this evolving field. Companies often compete with schools for qualified instructors.

Deloitte also stated companies will have to broaden recruitment efforts in order to hire people with the necessary skills to protect themselves and their customers. Remuneration for these specialists will increase.

Now let’s consider cybersecurity from the perspective of dishonest people who want to steal your money. Those thieves, if successful, will be able to steal an infinite amount of wealth.

We know from the Halton Regional Police Service that cyber criminals target people in Oakville. The police inform us these criminals are well organized and operate with the use of advanced technology.

Cybersecurity risks are a real threat to individuals.

I encourage people to educate themselves on cyber risks and continue to be alert. Do your part in protecting your assets.