Cybercrime attack rates are surging. This is posing threats to lives, costing companies millions, and jeopardising national security. As a lucrative business, cybercrime represents the largest transfer of economic wealth in history, surpassing even legal businesses and the illegal drug trade. According to an IBM survey, data breaches set companies back $4.24 million per incident in 2021.
While organisations may grasp the significance of IT security and risk management, they might struggle to onboard the necessary staff to establish a robust cybersecurity strategy. The field of cybersecurity remains marked by high demand alongside significant skill shortages. To meet this demand, the International Information System Security Certification Consortium forecasts that the global cybersecurity workforce would need to expand by 89%. Also, the cybersecurity business is projected to reach $424.97 billion by 2030, nearly 2.5 times the 2023 numbers, according to Fortune Business Insights.
Hence, it's a golden time to pursue a career in a cybersecurity degree. If you're contemplating leveraging your IT, computer science, or information systems skills to kickstart a journey in cybersecurity, think about enrolling in the best cybersecurity bootcamp or course. The return on investment for this degree is remarkably lucrative, given that demand within the field is set to persistently expand in the years ahead.
The Future is Here: Factors Propelling Long-Term Growth in Cybersecurity
Outlined below are the factors that fuel sustained growth in this domain:
More devices mean more points of vulnerability.
Consider all the interconnected gadgets you use daily. While laptops and phones might come to mind, you will also likely engage with smart home devices, card readers, and car systems. Cisco forecasts that the number of devices linked to IP networks will exceed three times the global population. Each of these devices presents a potential vulnerability. As the adoption of smart devices grows, even seemingly harmless items like TVs and workout equipment can be hacked. Companies producing smart devices must employ cybersecurity experts to develop and manage the additional security measures needed to combat the growing complexity of cyber threats.
The Cloud represents a new point of vulnerability.
As COVID-19 prompted shifts to remote work across various sectors, it also compelled numerous organizations to swiftly - and sometimes hazardously - shift to cloud services. Platforms for cloud computing, such as Google Cloud and Amazon Web Services, provide expanded storage, facilitate remote teamwork, and streamline file exchange. Nonetheless, numerous companies either couldn't or didn't place sufficient emphasis on cloud security during these transitions, leading to potential security risks.
Despite the absence of cloud services in many current workplaces, the trend towards cloud adoption is expected to persist. As a consequence, most of the hottest cybersecurity skill sets concern cloud security.
More people work remotely.
More individuals than ever before now work remotely. They also engage in remote schooling, online shopping, and virtual medical appointments using computers and smartphones. Distance education, remote work, and virtual gatherings have shaped a digital environment where sensitive data traverses networks around the clock.
Cyber attackers go after big companies, healthcare providers, regular people, and non-profit organizations. Small businesses are also getting attacked more often, and many of them aren't ready to protect themselves. People who aren't used to working from home or don't know about online tricks often fall for fake emails. If one person shares important info with someone they trust, cybercriminals can use that to attack the whole company.
Outdated technology leaves data vulnerable.
Many companies, trying to save money and time, still rely on old-fashioned legacy software that works but isn't as safe as newer options. Software needs updates, fixes, and patches to work well and protect data and systems. But updates can be expensive and take time, so many companies skip them – not realizing they're putting their systems and sensitive information at risk of viruses and other attacks.
Sometimes, companies using insecure old systems may be responsible for damages when breaches happen because of what's basically neglect. Getting security experts involved in system upkeep is more and more important. Experienced cybersecurity pros can find system weaknesses and figure out which upgrades are necessary.
Third-party relationships create extended attack surfaces.
Russian hackers exploited security flaws in Orion software updates of SolarWinds to breach systems at the United States Treasury, Pentagon, and Department of Homeland Security in 2020. This incident showed how cyber attacks can affect national security and exposed the higher risk faced by organizations and agencies that collaborate with third-party vendors.
Reports indicate that as many as 60% of recent cybersecurity breaches may have stemmed from attacks on these third-party entities. Many organizations lack the resources to assess the security practices of their vendors, let alone oversee how vendors handle data. Forrester Research projects that one-fifth of organizations will include cyber incident insurance provisions in their agreements with third-party vendors in 2022, holding vendors financially accountable for breaches if they fail to prioritize cybersecurity.
Winding Up
The current digital environment is filled with dangers, and it's difficult to foresee upcoming cyber threats. The need for skilled cybersecurity experts will continue to rise as organisations grasp the breadth of modern risks to digital workplaces. As per Grand View Research forecasts, the cybersecurity market will exceed $190 billion by 2028. At present, there is a dearth of capable professionals in the cybersecurity sector. A bachelor's degree and basic firewall experience are no longer sufficient for professionals to combat cyber attacks.
Enrolling in the best cybersecurity bootcamps and earning certifications can equip you with the theories, concepts, and techniques essential for network defense and modern information assurance.
Financial Disclaimer: The information presented in this article is for educational purposes only and should not be considered financial advice. Readers should conduct their own research or consult with a financial advisor before making any investment decisions.The Kisspr and it's partners do not make any guarantees or other promises as to any results that may be obtained from using the information provided herein.
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