Singapore businesses and private individuals are no strangers to cyber attacks. The ongoing pandemic has further amplified the use of technology, and to keep afloat, businesses and many individuals around the globe were forced to go fully digital aggressively.
However, with businesses digitising and moving assets online via cloud computing, cybersecurity has become a critical concern.
Recent high profile cases such as the ransomware attack on a private eye clinic where up to 73,000 patients’ data and clinical information were affected have further underscored the need for cybersecurity professionals to meet the increase in demand for services.
According to McAfee Enterprises’ Advanced Threat Research Report (October 2021), financial services were targeted most among reported cloud incidents, followed by healthcare, manufacturing, retail, and professional services.
Singapore’s cybersecurity market, which was estimated at slightly less than half a billion US dollars in 2017, is expected to reach US$889 million in 2022, according to the Infocomm Media Development Authority of Singapore (IMDA).
Despite the growth of Singapore’s cybersecurity market, the country faces a shortage of cybersecurity professionals, which has left businesses vulnerable to cyber threats. The number of ransomware attacks climbed to 154 per cent in 2020, and cybercrime accounted for 43 per cent of the total crimes last year.
We need more cybersecurity talent
According to the Cyber Security Agency of Singapore, Singapore faced an estimated talent shortage of up to 3,400 cybersecurity professionals in 2020. Despite the burgeoning demand for cybersecurity professionals, it is an alarming fact as to why there is still a shortage.
Also Read: Practical tips to protect your business from cyber attacks
One reason for this could be that graduates are traditionally not encouraged to pursue a career in cybersecurity. Instead, careers in business, medicine and science often take precedence over cybersecurity not just in Singapore but globally as well.
The lack of diversity and inclusion in the cybersecurity field is a contributing factor. Cybersecurity has historically been a male-dominated field. Women may not feel cybersecurity is a career worth pursuing due to the huge gender disparity and lack of opportunities for advancement in the area.
Lastly, cybersecurity tends to be a technical industry. This also means that a certain degree of knowledge is required to be considered a cybersecurity professional.
Organisations and businesses also tend to limit their talent pool and look for applicants with traditional credentials. It is important to keep in mind that this field is rapidly evolving. It also means that organisations and businesses should benefit from varied skills sets.
How can businesses attract and retain more cybersecurity professionals?
Today, businesses are faced with the challenge of attracting and retaining cybersecurity professionals. Cybersecurity professionals are often attracted to organisations that attract other talented cybersecurity professionals.
They appreciate organisations with a realistic grasp of their risks, postures, needs and where cybersecurity is taken seriously, valued as a discipline, and budgets are allocated to support markets.
They also prefer organisations where cybersecurity has broad visibility (including at the board level), allowing continuous investment in systems, tools and education to keep up with the latest technology and trends.
Another important factor is skill development and growth opportunities. Cybersecurity professionals are also attracted to organisations that provide opportunities for growth, skills development, access to advanced technology and tools, and opportunities to network with other talented cybersecurity professionals at relevant conferences and peer groups.
How can businesses stay ahead of the digitalisation push?
Businesses are increasingly investing in the development of talent internally. Although employees may have undergone cybersecurity training at some point, it is beneficial to reskill regularly. The security landscape is constantly changing, so today’s challenges will usually be different in the future.
Also Read: The curious case of the cybersecurity skill gap
Companies may elect to deploy security training programs. They will also encourage employees to take extra vigilant safeguard measures, including regularly communicating data security policies and updates about the newest cyber attack methods deployed across the industry and within the business.
Businesses can also build a local cybersecurity ecosystem. For example, they can form a third-party partnership with governmental organisations (CSA, IMDA) educational institutions and/or partner with cybersecurity firms to explore and generate interest in the cybersecurity field.
This will ensure continuous learning, and employees/business leaders will be more aware of what’s happening in the cybersecurity space. Lastly, plan. Organisations need to formulate a business plan.
For example, review the skills and knowledge of cybersecurity professionals in your company. By doing so, you will be able to point out loopholes and enable leaders to determine if the company needs any external help.
Adapting to the new age of digitalisation
It is evident that Singapore’s cyber market is growing, and the lack of cybersecurity professionals in the country is a gap that needs to be closed. It is imperative to shift mindset regarding pursuing a career in cybersecurity.
Businesses and organisations can expand their talent pool and deviate from traditional credentials because requirements change. Make sure your organisation promotes a healthy culture, has a good grasp of its risks, and takes cybersecurity seriously to attract top professionals to work for your organisation.
As we progress into a world that is becoming more digitally adept, it is increasingly evident that we need to adopt safe practices on our end too. Businesses will also need to do their part by upskilling and reskilling their workers to keep up with the evolving digital landscape.
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