The shortage of cybersecurity skills in the job market continues to create challenges for organizations and industries worldwide. While some experts believe this is due to the recession and economic stress, others suggest that the problem could be caused by the high level of stress involved in cybersecurity roles. Anna Collard, a cybersecurity expert and representative of KnowBe4, says stress reduction measures are necessary for attracting more people to the field.
Meanwhile, the possibility of a labor shortage in America due to the aging population is seen as an opportunity to transform the job market in the upcoming decades. This is seen as good news for all industries, including cybersecurity.
One solution to address the cybersecurity skills shortage is through acquisitions of companies that address specific cybersecurity challenges. Cybersecurity private equity firm Option3 is actively engaged in negotiations to acquire a number of such companies with the aim of building a next-generation “cyber-focused defense technology platform” called RESILIENT. The platform is progressing rapidly, and the acquisitions planned by Option3 could help expedite its development.
Big-name investors such as Accenture, Raytheon, and Stellar Ventures have also invested in space cybersecurity company SpiderOak, which develops zero-trust cybersecurity and resiliency solutions for space systems. Meanwhile, SentinelOne is using artificial intelligence (AI) to fend off cyberattacks after raising $100 million in an IPO in 2021.
The Department of Veterans Affairs (VA) has also announced that it is seeking help from the private sector for cyber operations support. The VA Cybersecurity Operations Center is looking for private sector interest in a five-year contract aimed at identifying and reducing cybersecurity risks.
Chinese companies are also switching auditors to avoid delisting risk in the US, which has helped American and Singapore companies gain business as accountant inspections begin.
Another issue related to cybersecurity is lobbying. The NSO Group – a spyware maker – spent millions lobbying the US government, which is seen as problematic given the power and influence the company wields with its software.
Other news in the cybersecurity realm includes acquisitions, such as WestBridge Capital’s $236 million stake in Zscaler, and Krebs Stamos Group’s decision to lay off six employees – demonstrating that job security in cybersecurity is not guaranteed.
Regarding cybersecurity earnings, Reuters reports that top US cybersecurity companies are expected to report another quarter of strong growth as high-profile hacks and a shift in client preference for companies with better-integrated offerings help support their businesses in a turbulent economy.
Some companies are launching innovative solutions to address cybersecurity challenges, such as Vaultree’s Fully Functional Data-In-Use Encryption solution designed for the healthcare sector. Delinea’s latest release aims to reduce the risk of lateral movement in cybersecurity breaches. There are also launches from cybersecurity companies such as Appdome, CyberArk, Teleport, and Swimlane.
Furthermore, some companies are partnering with cybersecurity providers to enhance their offerings. For example, Rocket Business Solutions is partnering with Zerify to enhance its cybersecurity solutions. NTT and Cisco have collaborated to develop and deploy joint solutions that empower organizations to improve operational efficiencies and advance sustainability goals. UiPath has partnered with Peraton to deliver the UiPath Business Automation Platform as a cloud-based managed service to high-security environments within U.S. intelligence, defense, and civilian agencies.
The news in the cybersecurity arena remains vast and varied, with new developments continuing to emerge to address the growing threats. However, the cybersecurity skills shortage remains a challenge, and stakeholders need to consider multiple solutions, from reducing stress to attracting more talent to the field.